(A) The Assessor of the town shall determine whether each applying taxpayer is entitled to a tax credit under this program and shall compute the amount of tax credit to which each qualified taxpayer is entitled and advise the Tax Collector in what amount to reduce the amount of tax levied against the taxpayer.
(B) The method for computing the credit will follow either divisions (B)(1) or (B)(2) below, depending on the taxpayer’s participation in the state program:
(1) Circuit breaker participants: qualified taxpayers who also qualify for tax credits from the state:
(a) The local credit shall be equal to 110% of credit granted by the state, except that the local credit is subject to a minimum local credit of $300; and
(b) However the total of all tax credits (state plus local credits) shall never exceed 75% of the annual tax levy on the property. If the combined credits exceed 75%, the local credit will be equal to 75% minus the state credit.
(2) Local-only participants: qualified taxpayers who are eligible for the state program in all respects except that their total, annual income exceeds the state income limits by up to $10,000:
(a) The local credit per household, regardless of marital status, shall be the lesser of: 110% of the state program’s credit percentage for married couples in the highest income bracket, subject to a minimum local credit of $300; or the maximum local credit will be $500 for local-only participants; and
(b) The total tax credit shall never exceed 75% of the annual tax levy on the property. If the local credit exceeds 75%, the Assessor will reduce the local credit to equal 75% of the tax levy on the property. Note: the tax credit available to an individual who qualifies under the town program only shall be no more than 10% of the normal tax for a related couple (5% for an individual homeowner), subject to a minimum credit of $50 and a maximum credit of $250).
(C) If, during a tax year, a qualifying taxpayer dies leaving a spouse who would also quality under this program, the surviving spouse shall be entitled to receive the remaining benefits for that tax year.
(D) If any person entitled to a tax credit pursuant to this program sells the property on which the tax credit is granted, no additional tax credit shall be allowed for his or her interest in the property for any fiscal years commencing after the date of such sale of the property, and, provided further that the purchaser of the property shall pay the town a prorated share of the tax credit the same as provided to the state by Conn. Gen. Stat. § 12-170aa(b)(1).
(Ord. passed 10-1-2008)