CT SB00202

Municipalities may abate up to $500 per year in real property taxes for residential properties purchased by qualified first-time homebuyers using Connecticut Housing Finance Authority funds.

Tax abatement is limited to a maximum of five assessment years and requires approval by the municipality's legislative body or board of selectmen.

Eligible properties must be single-family residential dwellings that serve as the owner's principal residence and be encumbered by a mortgage held by the Connecticut Housing Finance Authority.

The act takes effect October 1, 2022, and applies to assessment years commencing on or after that date.