Researcher: MK Page 1 4/20/22
OLR Bill Analysis
HB 5464
AN ACT CONCERNING THE VALUE OF THE HOMESTEAD
EXEMPTION.
SUMMARY
By law, certain types and amounts of property, income, and assets
are exempt from debt collection (i.e., attachment and post-judgment
collections). PA 21-161 modified this exemption by increasing the
homestead exemption to $250,000 (instead of $75,000 or, for money
judgments for hospital services, $125,000), effective October 1, 2021.
This bill specifies that the increase in the homestead exemption to
$250,000 applies on and after October 1, 2021. The bill returns the value
of the homestead exemption on and before September 30, 2021, to
$75,000 or, for these money judgments, $125,000.
Under existing law, unchanged by the bill, the homestead value must
be the fair market value of the property less any statutory or consensual
liens.
EFFECTIVE DATE: Upon passage
COMMITTEE ACTION
Judiciary Committee
Joint Favorable
Yea 39 Nay 0 (04/04/2022)