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CT SB01054
Bill
Status
Engrossed
6/4/2013
Primary Sponsor
Finance, Revenue and Bonding Committee
Click for details
AI Summary
- Repeals and replaces section 12-62r of general statutes effective July 1, 2013, governing municipal property tax assessment rates
- Requires municipalities to phase in apartment property assessments at 50% for October 1, 2011, increasing proportionately to reach 70% by October 1, 2015
- Sets residential property assessment at a rate designed to increase average property taxes by 3.5 percentage points over base year (October 1, 2010) for the 2011 assessment year, with minimum assessment rate of 23%
- Establishes annual assessment rate adjustments for residential property based on changes in adjusted tax levy and consumer price index, ranging from 1.5 to 5 percentage points
- Allows referendums if adjusted tax levy increases more than 2.6 percentage points over prior fiscal year, with one percent of municipal electors able to petition and majority vote required to approve budgets exceeding this threshold
Legislative Description
An Act Concerning Annual Adjustments To Assessment Rates.
Last Action
House Calendar Number 687
6/4/2013
Committee Referrals
Planning and Development5/8/2013
Finance, Revenue and Bonding3/5/2013
Full Bill Text
No bill text available