The proposed legislation, General Assembly Raised Bill No. 6888, aims to provide municipalities with the option to offer real property tax abatements to certain first-time homebuyers. Specifically, the bill allows municipalities to abate up to five hundred dollars in real property taxes for a maximum of five assessment years for residential properties purchased by qualified first-time homebuyers using funds from the Connecticut Housing Finance Authority. The properties must also be encumbered by a mortgage in favor of the Connecticut Housing Finance Authority and must serve as the principal residence of the owner.

This act is set to take effect on October 1, 2025, and will apply to assessment years commencing on or after that date. The bill introduces new legal language to establish this municipal option for property tax abatement, while no deletions from current law are specified in the text. The intent of the legislation is to support first-time homebuyers and encourage homeownership within the state.