Connecticut House Bill HB05478

Connecticut 2015 Regular Session

• Introduced: 1/16/15
• Refer: 1/16/15

Caption

An Act Limiting The Amount Of Property Tax Increases On Primary Residences Owned By Persons Who Are Sixty-five Years Of Age Or Over.

Impact

The introduction of HB 05478 could significantly influence municipal budgeting and funding strategies that rely on property tax revenues. By capping tax increases for a specific demographic, municipalities may have to adjust their fiscal policies to account for potentially reduced income from property taxes. Supporters argue that this law would protect vulnerable residents from economic pressures, thus promoting stability within communities, while opponents may express concerns about the economic implications for local governments.

Summary

House Bill 05478 seeks to provide financial relief for elderly homeowners by limiting the increase of property taxes on their primary residences. Specifically, the bill states that municipalities cannot raise property taxes on the primary residences of individuals aged 65 and older by more than three percent in any given year. This measure is intended to address the growing concern over housing affordability and the financial strain placed on senior citizens by rising property tax rates.

Contention

The discussions surrounding HB 05478 may highlight differing views on the balance between supporting the elderly and ensuring adequate funding for public services. Proponents of the bill—including advocacy groups for senior citizens—view it as a critical step toward reducing financial burdens faced by aging homeowners. Conversely, some local government officials might raise objections regarding the potential for diminished funding for essential community services, arguing that while the bill aims to aid a specific group, it may lead to adverse effects on broader municipal financial health.