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

HB 5244 would allow Connecticut municipalities to offer a property tax reduction of up to $500 per year for five consecutive years to first-time homebuyers who secure a loan through the Connecticut Housing Finance Authority (CHFA). It directly affects qualifying first-time homebuyers using CHFA financing in towns that choose to adopt the program. The bill establishes this as an optional municipal program, capping annual abatements at $500 and limiting the benefit to five years per homebuyer. It does not require all towns to participate, leaving implementation to local discretion.