What is ‘deferred property tax’ in Connecticut?

The concept of 'deferred property tax' in Connecticut specifically refers to the program designed for senior citizens, disabled individuals, or low-income homeowners. This program allows these eligible homeowners to postpone their property tax payments until the property is sold or until the homeowner passes away.

This system provides significant relief for those who may be experiencing financial difficulties or who are living on fixed incomes, allowing them to remain in their homes without the immediate burden of property tax payments. The amount owed is then collected once the homeowner no longer occupies the property, ensuring that local governments can maintain funding while also accommodating the needs of vulnerable populations.

The other options do not accurately reflect the specific nature of deferred property tax. For instance, paying taxes in installments is not the same as deferring payments entirely. A tax exemption applies generally to all residential properties, which does not align with the targeted approach of the deferred tax program. Lastly, a fee for late payment relates to penalties rather than a mechanism for managing tax payments based on personal circumstances.