The proposed bill, General Assembly Proposed Bill No. 5451, seeks to amend current statutes to allow municipalities the authority to provide property tax abatements for first-time homebuyers. Specifically, the bill permits municipalities to abate up to five hundred dollars per assessment year in property taxes for eligible first-time homebuyers who secure a loan from the Connecticut Housing Finance Authority.

This initiative aims to support new homeowners by reducing their financial burden through property tax relief, thereby encouraging homeownership within the state. The bill does not include any deletions from existing law but introduces new provisions to facilitate this tax abatement for qualifying individuals.