The proposed bill, General Assembly Proposed Bill No. 5077, aims to reform the education cost-sharing grant formula to provide property tax relief. It seeks to amend subdivision (9) of section 10-262f of the general statutes by increasing the "foundation" amount from $11,525 to $18,681 over a five-year period. Additionally, the bill includes a provision to adjust this foundation amount for inflation, ensuring that it remains relevant to current economic conditions.

Furthermore, the bill allows municipalities to lower their property tax rates in a manner that offsets the reduction in property tax revenue with the increase in equalization aid grant funding they receive. This change is intended to alleviate the financial burden on local taxpayers while ensuring that municipalities can still benefit from increased state funding for education. The overall goal of the bill is to reduce local property taxes through these adjustments to the education cost-sharing grant formula.