AN ACT IMPLEMENTING A CAP ON PROPERTY TAX INCREASES FOR SENIOR CITIZENS AND INDIVIDUALS WITH FIXED INCOMES.

HB 6543 would cap annual property tax increases for senior citizens (65+) and individuals with fixed incomes at the same percentage as the most recent Social Security cost-of-living adjustment (COLA). This means property tax bills for these residents would not rise faster than the annual Social Security benefit increase. The bill directly affects homeowners in these categories by limiting future tax hikes to the Social Security COLA rate, not higher. It does not reduce current tax rates but restricts how much taxes can increase each year. The policy change applies to future tax assessments under amended Title 12 of the general statutes.