CT HB06559

Allows municipalities where section 12-62n was effective for October 1, 2010 assessment year to adopt annual assessment rate adjustments for apartment and residential property, with rates capped at 70 percent

Sets apartment property assessment rate at 50 percent for October 1, 2011, then phases in proportionate increases to reach 70 percent by October 1, 2015

For October 1, 2011, residential property assessment rate increases average property taxes by 3.5 percent due to revaluation with a minimum rate of 23 percent

Starting October 1, 2012, annually adjusts residential property assessment rates by 1.5 to 5 percent based on whether adjusted tax levy growth exceeds inflation thresholds calculated using the Consumer Price Index

Allows 1 percent of municipal electors to petition for a referendum if adjusted tax levy increases exceed 2.6 percent, with the budget rejected if majority of voters oppose it