AN ACT CONCERNING PROPERTY TAX ABATEMENT FOR CERTAIN FIRST-TIME HOMEBUYERS.

Summary

The bill lets towns and cities reduce property taxes by up to $500 each year for up to five years for owners of single‑family homes who bought the house with a loan from the Connecticut Housing Finance Authority and have a CHFA mortgage. The reduction applies only to the homeowner’s principal residence and starts with assessment years beginning on or after Oct. 1, 2026. It is intended to make homeownership more affordable for first‑time buyers.

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