Researcher: SM Page 1 3/29/21
OLR Bill Analysis
HB 5679
AN ACT CONCERNING PROPERTY TAX ABATEMENT FOR
CERTAIN FIRST-TIME HOME BUYERS.
SUMMARY
This bill allows municipalities to abate up to $500 in property taxes
per assessment year for a residential property owned and purchased
by a first-time homebuyer with a Connecticut Housing Finance
Authority-issued mortgage. The abatement may be for up to five
assessment years and must be approved by the municipality’s
legislative body or, in any town in which the legislative body is a town
meeting, by the board of selectmen.
Under the bill, a residential property is a single-family residential
dwelling that is the owner’s principal residence.
EFFECTIVE DATE: October 1, 2021, and applicable to assessment
years commencing on or after that date.
COMMITTEE ACTION
Housing Committee
Joint Favorable
Yea 15 Nay 0 (03/11/2021)