Substitute Senate Bill No. 447 with File No. 529 provides a grace period for eligible individuals in the towns of Litchfield, Manchester, Middletown, Thomaston, and the city of West Haven who missed the deadline to file for grand list exemptions in 2021, 2022, or 2023. These individuals can still be considered timely if they submit their applications and pay a late fee within thirty days after July 1, 2024. If taxes, interest, or penalties have been paid on the property for which the exemption is later approved, the municipality must reimburse the taxpayer for the excess amount. Additionally, the bill allows the town of Stratford to defer its real property revaluation from the assessment year commencing October 1, 2024, to the next year, pending approval from the town's legislative body. The fiscal impact is limited to the municipalities involved, with potential cost or revenue loss in fiscal year 2025 and a shift of fiscal impacts to fiscal year 2027 for Stratford.

The bill has been reviewed and received a Joint Favorable Substitute recommendation from the Finance, Revenue and Bonding Committee with a unanimous vote. The bill's effective dates are from July 1, 2024, or from passage, as applicable. The specific insertions and deletions to the current law are not provided in the text excerpt, so they cannot be included in this summary. The Office of Legislative Research does not analyze Special Acts, which may be relevant to this bill, but this information is not included in the provided text.