Bill > HB06888

This bill establishes a voluntary municipal option that allows local governments to provide a property tax reduction for specific first-time homebuyers who have purchased residential property using funds from the Connecticut Housing Finance Authority (CHFA). Under this legislation, municipalities can choose to abate (reduce) property taxes by up to $500 for a maximum of five assessment years for homeowners who meet these criteria. The property must be a single-family residential dwelling that serves as the owner's principal residence and must have a mortgage held by CHFA. The bill becomes effective on October 1, 2025, and applies to assessment years starting on or after that date. By providing this tax abatement option, the bill aims to support first-time homebuyers by offering them some financial relief during the initial years of homeownership, while giving municipalities the discretion to implement the tax reduction based on their local needs and budgetary considerations.

Housing and Urban Affairs

Housing Committee (Joint)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06888&which_year=2025