CT HB05238

Municipalities may abate up to $500 per assessment year in property taxes for first-time homebuyers with mortgages from the Connecticut Housing Finance Authority.

Tax abatement period extends up to five assessment years, for a potential maximum of $2,500 total per eligible homeowner.

Abatement applies only to single-family residential dwellings that serve as the owner's principal residence.

Municipal legislative bodies or boards of selectmen (in town meetings) must approve abatement for their respective jurisdictions.

Effective October 1, 2020, applicable to assessment years commencing on or after that date.