CT HB05035

Completed new construction becomes liable for municipal taxes from the date a certificate of occupancy is issued or first use begins, whichever is earlier, with taxes prorated for that assessment year based on the applicable tax rate

Partially completed new construction is liable for municipal taxes based on its assessed value as of October 1st of the assessment year

New construction assessed during a phase-in period shall be assessed the same as comparable real property, with all incremental increases reflected before tax proration occurs

Improvements that are partially completed or under construction are explicitly included in the types of property subject to municipal taxation and assessment

Effective October 1, 2012, for all assessment years commencing on or after that date