General Assembly Proposed Bill No. 6651
January Session, 2015 LCO No. 2831
*02831*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
REP. BUMGARDNER, 41st Dist.
General Assembly
Proposed Bill No. 6651
January Session, 2015
LCO No. 2831
*02831*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
REP. BUMGARDNER, 41st Dist.
AN ACT CONCERNING PROPERTY TAX RELIEF.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to provide property tax exemptions and postpone payments as follows: (1) A deduction for as much as half the amount that taxes exceed the seven per cent threshold of income set forth in this subdivision shall be allowed for the following taxpayers: (A) Homeowners with incomes less than two hundred fifty thousand dollars if their property tax is more than seven per cent of their income; and (B) renters with incomes less than one hundred fifty thousand dollars if the portion of their annual gross rent attributable to property taxes is more than seven per cent of their income; (2) individuals sixty-five years of age or older and military veterans may postpone tax payments until the property is sold, or after the estate is settled, in which case the interest rate shall be two and one-half per cent; and (3) to qualify under subdivision (1) or (2) of this section, (A) the taxpayer may not earn income from the property, (B) if the property is in a trust, the taxpayer must be named the trustee and the beneficiary of the trust, and (C) no tax may be postponed under subdivision (2) of this section if the individual has a reverse mortgage on the taxable property.
Statement of Purpose:
To provide property tax relief to senior citizens, military veterans and families in the state of Connecticut.