CT SB00468

Municipalities with 30% or fewer owner-occupied residential units may establish homeownership incentive programs in census blocks with 15% or fewer owner-occupied homes, providing 100% property tax abatement and personal income tax exemptions.

Tax abatements and exemptions continue until owner-occupied homes reach 49% of residential units, then phase out over five years with annual 20% increases in tax liability.

Municipalities must identify and designate at least two census blocks as homeownership incentive blocks and provide the Department of Revenue Services with necessary information for tax exemption administration.

Municipalities may establish separate assessment rates for owner-occupied versus non-owner-occupied residential properties for assessment years beginning October 1, 2016 or later, keeping owner-occupied properties assessed at lower rates.

Section 1 becomes effective July 1, 2014; amendments to section 12-62r of the general statutes become effective October 1, 2014.