Bill > SB00738

This bill proposes to establish a property tax exemption that would reduce the taxable assessed value of owner-occupied single-family homes by $50,000. In practical terms, this means homeowners would only be required to pay property taxes on the assessed value of their home minus $50,000. For example, if a home is assessed at $250,000, the homeowner would only be taxed on $200,000 of that value, potentially providing significant savings for homeowners. The bill aims to provide financial relief to property owners by lowering their property tax burden, which could be particularly helpful for individuals and families managing housing costs. The exemption specifically applies to single-family dwellings that are owner-occupied, meaning the homeowner must live in the property as their primary residence to qualify for the tax benefit.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00738&which_year=2025