CT SB00939

Allows any Connecticut municipality to abate up to $500 per assessment year in real property taxes for first-time homebuyers who received financing from the Connecticut Housing Finance Authority.

Tax abatement is limited to a maximum of five consecutive assessment years for eligible properties.

Eligible property must be a single-family residential dwelling that serves as the owner's principal residence and be encumbered by a mortgage from the Connecticut Housing Finance Authority.

Municipalities must obtain approval from their legislative body (or board of selectmen in towns with town meeting governance) to implement the abatement program.

Effective October 1, 2023, and applicable to assessment years commencing on or after October 1, 2023.