CT HB05447

Caps annual property tax increases for municipalities, special taxing districts, and regional school districts at the lesser of 2% or the consumer price index increase, with negative CPI treated as zero

Excludes tax revenue from new construction and other value-increasing activity from the cap calculation to avoid penalizing tax base growth

Allows the cap to be exceeded through a supermajority vote by the legislative body or by referendum

Permits local entities to carry over unused levy capacity below the cap for one successive fiscal year

Penalizes entities that exceed the cap by reducing their allowable cap for the following fiscal year