Reducing the distance between the plates of a capacitor to half will affect the time constant, which is defined as tau = RC, where R is resistance and C is capacitance. If resistance remains constant, halving the plate distance results in a doubling of the time constant due to the increase in capacitance. The time constant is the duration it takes for the system to reach 63.2% of its final value. To calculate the time constant, one must analyze the voltage change from zero to the asymptotic value and measure the corresponding time interval. Understanding these relationships is crucial for accurate calculations in capacitor-resistor circuits.