The proposed legislation, Substitute Bill No. 447, establishes a homestead property tax exemption for primary residences. It amends Section 12-81 of the general statutes by adding a new subdivision (85), which allows for an exemption of up to fifty thousand dollars of the assessed value of a dwelling that is declared the primary residence of the owner or held in trust for them. To qualify for this exemption, applicants must file an application with their local assessor by November 1 of the assessment year, declaring that the dwelling is their primary residence, that they have no other primary residence, and that they have not claimed the exemption for more than one dwelling in the same year. The application process will be facilitated by the Secretary of the Office of Policy and Management, who will provide the necessary forms and make them available online.

Additionally, the bill includes a repeal of Section 12-81oo of the general statutes, effective October 1, 2027. This repeal indicates a shift in the legal framework regarding property tax exemptions, as it removes the previous provisions that may have been in place. The new exemption will take effect from the date of passage and will apply to assessment years starting on or after October 1, 2027.