Bill > SB00465

This bill proposes changes to property tax exemptions for long-term homeowners in Connecticut by creating a municipal option that allows property tax reductions based on the duration of continuous home ownership. Specifically, the bill enables municipalities to exempt 20% of a property's assessed value for homeowners who have owned their primary residence for 20-25 years, 25% for those who have owned their home for 25-30 years, and 30% for homeowners who have continuously owned their primary residence for 30 years or more. To implement these exemptions, the Office of Policy and Management must work with municipal tax assessors to develop a standardized application that requires proof of continuous ownership and primary residence status. The bill also mandates that the Office provide guidance to municipalities about implementing these exemptions and managing the potential fiscal impacts. This legislation aims to provide tax relief for long-term homeowners who have maintained a stable residential property over an extended period, potentially helping to reward and incentivize community continuity.

Budget and Finance, Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00465&which_year=2025