Bill > HB06546

This bill proposes to amend section 12-91 of the general statutes by increasing the property tax exemption for farm machinery from its current level to $500,000 of the assessed value. Property tax exemptions reduce the amount of tax that a property owner must pay by excluding a portion of the property's value from taxation. In this case, farmers would be able to exclude up to $500,000 of the value of their farm machinery when calculating their property taxes, which could provide significant financial relief for agricultural businesses. The bill is aimed at supporting the agricultural sector by reducing the tax burden on farmers, potentially making farming more economically viable and helping to preserve agricultural enterprises in the state.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06546&which_year=2025