CT SB00447

Establishes a pilot program in up to five municipalities allowing commercial property assessment based on net profits of occupying businesses, with participating municipalities able to assess up to three commercial properties under this method.

Creates a homeownership incentive program in municipalities with a property tax system under section 12-62r, providing 100% property tax abatement for owner-occupied homes and income tax exemptions for eligible renters in designated census blocks with 15% or fewer owner-occupied homes.

Modifies the property tax system to phase in apartment property assessments at 50% starting October 1, 2011, reaching 70% by October 1, 2015, and allows municipalities to adjust residential property assessment rates based on changes in adjusted tax levy and inflation.

Allows municipalities to establish ordinances differentiating assessment rates between owner-occupied and nonowner-occupied residential properties to encourage homeownership.

Expands the property tax assessment agreement option to include wholesale and retail businesses, allowing municipalities to fix assessments for specified periods based on improvement costs.