AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES-TAX DEFERRAL PROGRAM

HB 6248 allows city and town councils to adopt a property tax deferral program for eligible senior citizens, disabled citizens, and disabled veterans who own and occupy a single-family home. Under the program, property taxes can be postponed until the property is sold or all qualified owners die. The deferred taxes, along with 6% annual interest, will constitute a lien against the real estate. Homes with reverse mortgages or less than twenty percent equity are not eligible for this deferral.