The proposed legislation, General Assembly Raised Bill No. 5284, aims to provide property tax relief for certain first-time homebuyers in Connecticut. Specifically, it allows municipalities to abate up to five hundred dollars in real property taxes for a period not exceeding five assessment years. This abatement is applicable to residential properties purchased with funds from the Connecticut Housing Finance Authority and must be encumbered by a mortgage in favor of the same authority. The bill defines "residential property" as a single-family dwelling that serves as the principal residence of the owner.

The bill is set to take effect on October 1, 2026, and will apply to assessment years commencing on or after that date. The legislative body of each municipality or the board of selectmen in towns with a town meeting must approve the tax abatement. The statement of purpose emphasizes the intent to support first-time homebuyers who secure loans from the Connecticut Housing Finance Authority, thereby promoting homeownership and easing the financial burden on new homeowners.