AN ACT CONCERNING A HOMESTEAD EXEMPTION.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective October 1, 2008, and applicable to assessment years commencing on or after October 1, 2008) Each municipality shall exempt from property tax the first one hundred thousand dollars of the assessed value of any single parcel of owner-occupied residential real property containing not more than three dwelling units, provided such property is the permanent place of abode of such owner.

Statement of Purpose:

To provide property tax relief through a homestead exemption.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]