An Act Protecting Property Owners Age Fifty And Older From Foreclosure.
Impact
The proposed changes would limit the interest on delinquent taxes owed by eligible property owners to the rate of inflation as per the National Consumer Price Index. Additionally, any legal fees, penalties, and collection fees related to these taxes would be capped at twenty percent of the taxes due at the time of settlement. This is intended to create a more manageable financial environment for elderly property owners, ensuring they are not subjected to excessive charges that could lead to foreclosure.
Summary
House Bill 6135 aims to protect property owners aged fifty and older from facing foreclosure due to delinquent property taxes. The bill introduces several measures to prevent municipalities from placing liens on the property of these older owners unless the taxes due exceed fifteen percent of the property's assessed value. This initiative seeks to provide a safeguard for elderly homeowners, acknowledging the financial burden that delinquent taxes can impose, particularly in their later years.
Contention
Opposition to the bill may arise from concerns regarding the potential impact on municipal revenue from property tax collections. Critics could argue that the restrictions on liens and fee collections may hinder local governments' ability to manage their finances effectively. Proponents, however, argue that the bill is a necessary measure to protect a vulnerable segment of the population who may face disadvantages due to age and financial capacity, ensuring that they can remain in their homes without the added pressure of aggressive tax collection practices.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.