This bill allows a municipality to adopt by ordinance a property tax stabilization program for senior residents of that municipality. A municipality adopting such an ordinance sets a minimum age for participation by residents of the municipality of not less than 62 years of age. The person must also be a permanent resident of the State and have owned a homestead in the State for at least 10 years. A municipality may adopt stricter eligibility requirements. The bill also allows a municipality, by referendum, to adopt a local option sales tax of
1% on the value of prepared food and rental of living quarters in any hotel, rooming house or tourist or trailer camp. The revenue generated by the local option sales tax may only be used to offset the loss of revenue from the property tax stabilization program for senior residents of that municipality.