CT HB05143

Allows municipalities where section 12-62n of the general statutes is effective to adopt a property tax system that limits annual increases on residential and apartment properties through ordinance.

Establishes assessment rate increase limits of 3 percent annually for residential properties (1-3 dwelling units) and 5.25 percent annually for apartment properties (4+ dwelling units), calculated from the base year of October 1, 2010.

Requires assessors to recalculate assessment rates for each of the four assessment years following adoption to ensure average property tax increases compound at the specified rates annually.

Defines residential property as buildings with three or fewer dwelling units and apartment property as buildings with four or more dwelling units, including land and accessory structures.

Takes effect upon passage and applies to assessment years beginning on or after October 1, 2011.