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DIGEST OF INTRODUCED BILL
Property tax abatement adjustments. Subject to approval by the legislative body of a city or town, provides a credit against municipal property taxes to a taxpayer in a municipal taxing district in which the assessed valuation subject to tax abatement is proportionally greater by a factor of at least three than the average assessed valuation subject to tax abatement in all taxing districts in the city or town. Imposes an equalization levy in the city or town to replace the revenue lost as a result of the credit.