Proposed Bill No. 5093 aims to reform the education cost-sharing grant formula to provide property tax relief for municipalities. The bill proposes 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, it includes a provision to adjust this foundation amount in accordance with inflation.

Furthermore, the bill allows municipalities to lower property tax rates, ensuring that the reduction in property tax revenue corresponds to the increase in equalization aid grant funding. This legislative change is intended to alleviate the financial burden on local property taxpayers while enhancing funding for education through a more equitable distribution of state resources.