Bill > HB05052

This bill proposes to amend section 12-91 of the general statutes to increase the maximum assessed value of farm machinery that is exempt from local property taxation. Property tax exemptions are designed to provide financial relief to farmers by reducing the amount of taxes they must pay on equipment used in agricultural operations. Currently, there is a cap on the value of farm machinery that can be exempted from property taxes, and this bill seeks to raise that cap, which would potentially lower the tax burden for farmers and make agricultural equipment ownership more financially feasible. By increasing the exemption limit, the bill aims to support the agricultural sector by providing economic relief and potentially encouraging investment in farming equipment. The specific details of the new maximum assessed value are not provided in the bill text, but the intent is clear: to provide greater tax relief for farmers by expanding the property tax exemption for farm machinery.

Budget and Finance, Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05052&which_year=2025