Elena, a Connecticut homeowner who is 68 years old with a limited fixed income, asks her real estate agent about possible property tax relief programs available in Connecticut. Which of the following programs is specifically designed to provide property tax relief to qualifying elderly or disabled homeowners in Connecticut?
Correct Answer
B) Connecticut Circuit Breaker Tax Credit Program
Connecticut's 'Circuit Breaker' program (CGS § 12-170aa et seq.) provides a property tax credit to qualifying elderly (age 65+) and totally disabled homeowners whose income falls below certain thresholds. The credit is applied directly against the property tax owed. This is a well-known Connecticut-specific tax relief program that real estate agents should be able to identify for qualifying clients.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
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Previous Question
A Connecticut municipality completes its revaluation and updates all property assessments. A homeowner's assessed value increases significantly. Under Connecticut law, which of the following best describes the municipality's obligation regarding the tax rate following a town-wide revaluation?
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Under Connecticut property tax law, which of the following types of property is NOT typically exempt from local property taxation?