CT HB05679

Municipalities may abate up to $500 per assessment year in property taxes for first-time homebuyers with mortgages issued by the Connecticut Housing Finance Authority, effective October 1, 2021.

Tax abatement applies to single-family residential dwellings that are the owner's principal residence and may be granted for up to five consecutive assessment years.

Municipal legislative bodies or boards of selectmen must approve the abatement program before implementation.

The provision applies to assessment years commencing on or after October 1, 2021, and creates a new section in Connecticut law.