For as long as most of us can remember, real and personal property in Connecticut has been assessed for property tax purposes at 70% of its fair market value. Senate Bill No. 999, which was recently introduced in the Connecticut General Assembly, would increase the state-wide assessment ratio from 70% to 75% effective with the assessment year commencing on October 1, 2023. This proposed change could potentially produce immediate tax increases in municipalities across the state.
The bill is modeled on a similar bill (Senate Bill No. 770) introduced earlier this year by the President of the State Senate. Thus, it appears that the concept has support among the legislative leadership.
Senate Bill No. 999 will be the subject of a public hearing before the General Assembly’s Planning and Development Committee on February 17, 2023 at 11:00 a.m. Interested parties can register to speak on the bill or submit written testimony. Go to the General Assembly’s website for more information on the public hearing and how to participate.
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Alerts, commentary, and insights from the attorneys of Pullman & Comley’s Property Tax and Valuation practice with timely information for businesses, nonprofits and individuals in commercial property tax appeals and eminent domain matters.