“When this option was available previously, homeowners were exempt from paying the full amount of the increased assessed value until five years after completion,” Farfaglia wrote in a memorandum to members of the committee.
The committee voted Wednesday to table the proposal, not because they don’t support it, but because they want to obtain more information.
Under the previous law, the first year of the increased value of the home, the owner paid no additional property taxes. Beginning in the second year, they paid a small increased amount.
Gradually the amount paid increased every year and by the time the sixth year arrived, they were paying the full assessed value of the home. Link