Bill > HB05244

This bill allows municipalities (local governments) to offer a property tax reduction for first-time homebuyers who obtain a loan from the Connecticut Housing Finance Authority (CHFA). Specifically, cities and towns would have the option to provide a tax abatement (reduction) of up to $500 per year for a maximum of five consecutive assessment years. The abatement is designed to help first-time homebuyers by reducing their annual property tax burden, making homeownership more affordable. By making this a municipal option rather than a mandatory requirement, individual towns can decide whether and how to implement this tax relief based on their local circumstances and budgetary considerations. The bill amends title 12 of the general statutes to create this new potential tax benefit for qualifying homebuyers.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05244&which_year=2025