CT SB00399

Redefines "residential property" to include buildings with three or fewer dwelling units, common interest communities, and residential condominiums, and updates "apartment property" definition to include buildings with four or more dwelling units.

Sets apartment property assessment rates at 60% for October 1, 2011, increasing to 65% for October 1, 2012, and 70% for October 1, 2013 and thereafter, with 70% as the maximum assessment rate cap.

Establishes residential property minimum assessment rate of 27% for October 1, 2011, with annual adjustments based on changes in adjusted tax levy between current and preceding fiscal years, ranging from no change to 5 percentage point increases depending on levy differences.

Modifies budget referendum procedures to allow voter petition when a municipality's adopted budget projects an adjusted tax levy increase exceeding $6 million; if voters reject the budget, the prior fiscal year budget with required increases becomes effective.

Requires assessors to publish the 2011 grand list within 15 days of the act's effective date and prohibits simultaneous application of this section with section 12-62c assessment provisions.