CT SB01115

Allows municipalities to adopt ordinances providing alternative property tax assessment for commercial properties based on net profits from the previous calendar year instead of standard valuation methods.

Alternative assessment method designed to promote business sector development by benefiting vacant or partially vacant commercial properties and enabling lease arrangements for new or expanding businesses.

Requires municipal ordinances adopting this method to include: eligible property descriptions, written agreement from all affected parties (owner, business occupants, municipality), assessment rate determination methodology, application process with documentation requirements, and phase-out provisions to return properties to standard assessment.

Takes effect July 1, 2013, and applies to assessment years commencing on or after October 1, 2013.