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In a recent blog post, we wrote about the Connecticut Superior Court’s decision in Soromundi Commons Limited Partnership v. City of Hartford.
In the case, the Court ruled that a low and moderate income apartment property, operated by a charitable organization for individuals who are chronically unhoused and who also suffer from a disabling illness or condition, was not worth anything for assessment purposes because the site operated at a financial loss.
Our prior post speculated that the surprising result would generate an appeal by the City. For reasons only known to it, the City did not appeal. As a result, the decision as it stands offers insight from a trial court as to the proper ad valorem valuation of federal and state supported housing that operates at a financial loss.
The impact of this result remains to be seen, especially since Connecticut municipalities revalue real estate for tax purposes within their borders once every five years and a footnote in the court’s opinion appears to leave open the possibility that a $0 value assessment would not stay in place for the entire revaluation cycle if the property’s financial results turn positive.
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About Our Property Tax and Valuation Law Blog
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.