The proposed legislation, General Assembly Raised Bill No. 7274, seeks to amend Section 12-81oo of the general statutes regarding the optional homestead property tax exemption. The bill allows municipalities to provide a property tax exemption ranging from five to thirty-five percent of the assessed value for owner-occupied dwellings, including condominiums and units in common interest communities. Notably, the bill introduces new provisions that permit municipalities to impose a residency requirement for owners to qualify for the exemption, as well as to set a maximum assessed value for dwellings eligible for the exemption.

The bill repeals the existing language in Section 12-81oo and replaces it with the new provisions, which aim to enhance local control over property tax exemptions. This change is intended to provide municipalities with greater flexibility in determining eligibility criteria for the homestead property tax exemption, thereby allowing them to tailor the exemption to better meet the needs of their communities. The act will take effect upon passage.

Statutes affected:
Raised Bill: 12-81oo