The proposed legislation, General Assembly Raised Bill No. 1345, aims to limit local property tax increases for seniors and certain individuals with disabilities. Effective October 1, 2025, the bill defines a "qualifying owner" as a resident who has lived in their primary dwelling for at least one year, has a federal adjusted gross income not exceeding double their Social Security benefits, and either receives Social Security benefits, Social Security disability benefits, or is a veteran with a 100% service-connected disability rating. Municipalities may abate the difference between the current and previous year's property taxes for qualifying owners, provided the increase exceeds the percentage rise in the consumer price index for the prior year.

Additionally, qualifying owners can receive either an abatement of unpaid excess property taxes or a refund for taxes already paid. To claim these benefits, owners must submit an application to their local assessor by the assessment date, including any necessary documentation. The bill seeks to alleviate the financial burden of property tax increases on elderly residents and individuals with disabilities who are often on fixed incomes.