CT SB00898

Defines "low income" as households earning 26-50% of area median income and "moderate income" as households earning 50-80% of area median income, based on HUD determinations

Allows municipalities to assess residential property owned by low and moderate income households at less than 70% of present true and actual value, subject to local legislative approval

Requires municipalities implementing reduced assessments to establish eligibility procedures and limit initial reduced assessments to two assessment years, after which applicants must refile

Presumes continued eligibility in the year immediately following approval, but requires applicants to notify assessors if their income exceeds maximum thresholds and become liable for unpaid taxes if they fail to report disqualification

Takes effect October 1, 2011, and applies to assessment years commencing on or after that date