Implement a "homesteading" tax exemption
This petition had 238 supporters
As a resident who is concerned about the future of the City of New Haven, I am calling on the Mayor and the Board of Aldermen to petition the state of CT for enabling legislation to allow for homesteading tax exemptions for personal real estate within the city. The Homestead exemption would provide a tax break for owner occupied properties.
A homestead exemption would create beneficial incentives within the city and its real estate market. Most directly, it would financially encourage people to own property and live in all neighborhoods of the city. Clearly, a city with its housing stock filled by people who are vested in the success of the city is a win-win situation.
In addition, a homestead exemption would begin to correct a negative incentive that has crept into our system. Currently, property owners who repair and remodel their property are penalized with an increased assessment during the next revaluation. Conversely, a landlord who only does enough to keep his property legal while allowing it to become an eyesore in the neighborhood will see his assessment and portion of the city’s tax burden decrease.
Developing a homestead tax exemption would both solve the current problems and provide incentives for the stakeholders to make the city a better place to live in the future.
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