AN ACT CONCERNING THE REBASING OF THE EDUCATION COST SHARING GRANT FORMULA FOR PURPOSES OF PROPERTY TAX RELIEF.

Plain English Breakdown

The official source material does not provide specific details about the extent of property tax reductions or the exact impact on individual towns and cities.

Act to Lower Property Taxes Through Education Grants

This act aims to lower property taxes by changing how much money towns receive from the state for education grants, which will increase over five years and adjust for inflation.

What This Bill Does

• Increases the base amount of money that towns receive from the state for education grants over a period of five years.
• Adjusts this base amount each year to match changes in prices (inflation).
• Allows towns to lower their property tax rates if they get more funding from the state due to these changes.

Who It Names or Affects

• Towns and cities that receive education grants from the state.
• Residents who pay property taxes in those towns and cities.

Terms To Know

Foundation amount

The base amount of money a town receives for education grants from the state.

Inflation

An increase in prices that reduces the value of money over time.

Limits and Unknowns

• It is not clear how much property taxes will be reduced.
• The exact impact on towns and cities varies based on their current funding levels.

Official Summary Text

To reduce local property taxes by rebasing the education cost-sharing grant formula by increasing the foundation amount and adjusting for inflation.

Current Bill Text

LCO No. 595 1 of 1

General Assembly Proposed Bill No. 5077
February Session, 2026 LCO No. 595

Referred to Committee on EDUCATION

Introduced by:
REP. YACCARINO, 87th Dist.

AN ACT CONCERNING THE REBASING OF THE EDUCATION COST
SHARING GRANT FORMULA FOR PURPOSES OF PROPERTY TAX
RELIEF.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That (1) subdivision (9) of section 10 -262f of the general statutes be 1
amended to redefine "foundation" by (A) phasing in an increase of the 2
amount of the foundation from eleven thousand five hundred twenty -3
five dollars to eighteen thousand six hundred eighty-one dollars over a 4
five-year period, and (B) adding a provision that adjusts such amount 5
in accordance with inflation, and (2) the general statutes be amended to 6
allow a municipality to lower its property tax rate so that the reduction 7
in property tax revenue is equal to the amount of the increase in 8
equalization aid grant funding such municipality receives. 9
Statement of Purpose:
To reduce local property taxes by rebasing the education cost -sharing
grant formula by increasing the foundation amount and adjusting for
inflation.