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The Connecticut State Senate has passed a bill that would provide municipalities with the option of adopting a new homestead property tax exemption program beginning with the October 1, 2027 Grand List. Pursuant to Senate Bill No. 447, a municipality could implement an annual $50,000 assessed value exemption applicable to a single-family dwelling, condominium or interest in a common interest community that is a primary residence. The municipality may require a term of residency in order for a primary residence to be eligible for the exemption. The owner of the residence would have to file an annual application in order to claim and maintain the exemption.
This new homestead exemption program would join an existing program codified at Connecticut General Statutes Sec. 12-81oo. The existing program allows municipalities the option of exempting from 5% to 35% of the assessed value of a primary residence from taxation. Only one municipality has opted into the existing program since it was created in 2024. Under Senate Bill No. 447, a municipality could not offer exemptions under both programs in the same assessment year.
In order for the new proposed homestead exemption program to become law, it will need to pass the House of Representatives on or before May 6 and then be signed by Governor Lamont.
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Alerts, commentary, and insights from the attorneys of Pullman & Comley’s Property Tax and Valuation practice with timely information for businesses, nonprofits and individuals in commercial property tax appeals and eminent domain matters.