Fairfield Board of Finance Approves Property Tax Relief Program Changes for Seniors and Disabled Homeowners
The Fairfield Board of Finance unanimously approved two updates to its property tax relief program for seniors and homeowners with disabilities on November 4. These changes, proposed by the board's Senior and Disabled Tax Relief Committee, aim to help eligible individuals remain in their homes while ensuring the program's fiscal sustainability and fair administration. Key modifications include raising the qualifying total asset value limit for homeowners from $675,000 to $800,000, with a primary residence continuing to be excluded from this calculation. Additionally, the proposal calls for a 20% increase in the property tax credit across all seven income brackets. The credit percentages for these income bands will remain at 75%, 65%, 55%, 45%, 35%, 25%, and 15%, respectively, with income bands continuing to be adjusted annually under the existing program. The proposal now moves to the full Representative Town Meeting (RTM) for approval.
