Public Act 99-272 Effective Date
While the act was effective from its passage, Section 6 is applicable to assessment years commencing on or after October 1, 1999. Thus, if a town adopts an ordinance to permit an abatement, the earliest it could impact an eligible taxpayer would be fiscal year 2000 - 2001 (July 1, 2000 - June 30, 2001).
To clarify, the legislation calls for a tax abatement, which is a reduction to the property tax bill (similar to a credit). This is different from an exemption, which is a reduction to the assessed valuation of the property, prior to the calculation of the tax owed.
As the law states, the abatement, is up to $1,000; it is at the option of the town; and it must be put into effect via an ordinance. There is no provision for the state to reimburse the town for any lost revenue.