CT HB05510

Provides a property tax exemption for one-to-four-family residential real estate under construction until the earlier of one year after building permit issuance or certificate of occupancy issuance.

Completed new construction becomes taxable from the date a certificate of occupancy is issued or the property is first used for its intended purpose, with taxes prorated for the assessment year.

Partially completed new construction remains assessed as of October first of the assessment year, except for one-to-four-family residential properties which qualify for the exemption.

Requires building inspectors to notify assessors within ten days of issuing certificates of occupancy and assessors to determine tax increments within ninety days and notify property owners and tax collectors.

Effective October 1, 2014, and applies to assessment years commencing on and after that date.