[Adopted 2-23-2004]
A.
Property tax relief, as provided for in Section 12-129n of the Connecticut General Statutes, shall be provided to those resident property owners who meet the criteria set forth in Section 12-129n(a) of the Connecticut General Statutes, and who receive property tax relief pursuant to Section 12-129b and/or Section 12-170aa of the Connecticut General Statutes (the "eligible property owners"). Such relief shall be in an amount as set forth in Subsection B of this section and shall be in addition to the property tax relief provided pursuant to Sections 12-129b and 12-170aa.
B.
The property tax relief authorized herein shall be in the form of
a tax credit; shall be effective as of July 1, 2005; and shall be
in an amount which shall be determined as follows:
(1)
If the number of "eligible property owners," as determined by reference to the criteria set forth in Subsection A above, is 1,000 or less, each "eligible property owner" shall receive a tax credit in the amount of $100.
(2)
If the number of "eligible property owners," as determined by reference to the criteria set forth in Subsection A is greater than 1,000 each "eligible property owner" shall receive a tax credit in an amount which is equal to the quotient derived by dividing $100,000 by the total number of eligible property owners.
(4)
Pursuant to Section 12-129n(a) of the Connecticut General Statutes,
the property tax relief provided for herein, together with any other
relief received by said resident, shall not exceed the total amount
of the tax which would be laid against the taxpayer.
C.
Where the total amount of property tax relief provided for herein,
when combined with any tax relief for which such taxpayer may be eligible
in accordance with Sections 12-129b to 12-129d, inclusive, 12-129h
or 12-170aa, exceeds in the aggregate 75% of the property tax for
which such taxpayer would be liable but for the benefits under this
section and any of the sections mentioned above in this subsection,
the City shall establish a lien on such property, as required by Section
12-129n(f) of the Connecticut General Statutes, in the amount of the
relief granted. Such deferred taxes, together with simple interest
at a rate of 1% per month, shall be reimbursed to the City within
180 days of the death of, or upon conveyance by, the recipient of
said tax relief, or his/her estate.
D.
This section shall be deemed to incorporate all mandatory provisions
of Section 12-129n of the Connecticut General Statutes, as may, from
time to time, be amended.
