CT SB00086

Establishes the "Elderly Homeowner Property Tax Revolving Loan Fund," a nonlapsing account within the General Fund administered by the Secretary of the Office of Policy and Management, effective October 1, 2020.

Defines "elderly homeowner" as a property owner age 65 or older who has resided in the municipality for at least 10 years and has qualifying income not exceeding limits set in section 12-170aa of the general statutes.

Permits the state to provide low-cost loans to elderly homeowners who have failed to pay property taxes for at least two assessment years preceding application, with loan principal not exceeding the amount of unpaid taxes.

Grants the Secretary of the Office of Policy and Management a lien on the mortgaged property for the loan amount plus interest at the prevailing rate, with priority over all liens except municipal property tax liens.

Specifies that loans received under this program do not disqualify elderly homeowners from receiving other eligible state tax benefits and allows the Secretary to establish asset limits and application procedures through regulations.