What is the property tax cap?

The property tax cap in Connecticut is a law that limits the amount of taxes a town or city can collect from property owners. This law was put in place to make sure that city taxes are kept in check. The cap is based on a percentage of the fair market value of the property, and can be adjusted each year depending on the current market value. The property tax cap in Connecticut is set at 2.5%, which is lower than the national average. This is an effort to keep taxes in check. This amount is calculated based on the fair market value of the property, which is then used to determine the total amount of taxes that can be collected. The town or city is then limited to collecting this amount of taxes from property owners. The property tax cap also includes exemptions for certain types of property owners. These exemptions can include seniors, persons with disabilities, veterans, and people living on a fixed income. These exemptions allow certain property owners to pay less taxes than others, giving them a break from the higher taxes. The property tax cap is an important law in Connecticut for keeping taxes fair and affordable for property owners. It helps ensure that the amount of taxes being collected from property owners is kept at a reasonable level, which helps keep taxes affordable and manageable.

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What is the property tax cap?

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