Bill > HB06535

This bill proposes to amend section 12-91 of the general statutes to increase the property tax exemption for farm machinery from its current level to $300,000 of assessed value. Property tax exemptions reduce the amount of taxable value for a specific type of property, in this case farm machinery, which means farmers will pay less in property taxes on their equipment. By raising the exemption amount, the bill aims to provide financial relief to farmers by lowering their tax burden on agricultural machinery, which can be expensive and is critical to agricultural production. This change could help support local farmers by reducing their operating costs and potentially making farming more economically viable, particularly for smaller or medium-sized farms that may be more sensitive to tax expenses.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06535&which_year=2025