Raises the income eligibility for senior citizens and disabled residents

This bill updates the income limits for a property tax relief program available to senior citizens and people with disabilities. Under the new rules, households headed by seniors aged 62 or older and those with a disabled head of household can now qualify for tax abatement if their combined annual income is up to $75,000, an increase from the previous $50,000 cap. The legislation also allows local governments to set their own specific income thresholds within a range that ends at this new $75,000 limit. Additionally, the bill includes a provision to adjust income calculations for seniors who retire during the tax year by excluding their prior salary and estimating their future retirement earnings.