CT SB01131

Municipalities with enterprise zones may reduce assessments on commercial or industrial property improvements valued at $10,000 or more and allocate at least 50% of resulting tax revenue increases to reduce assessments on other commercial and industrial properties.

Municipalities with populations of 120,000 or more and total area of 18 square miles or less must reduce assessments on qualifying improvements and allocate at least 50% of tax revenue increases to properties with assessments under $15 million.

Tax collectors must annually calculate the average regional mill rate for their planning region, and assessors must reduce improvement assessments so the total tax equals what would be owed at the regional average mill rate.

The assessment reduction period is determined by municipal vote; for municipalities in subsection (b), reductions continue until the municipality's mill rate is no more than 10% greater than the average regional mill rate.

Effective October 1, 2016, applicable to assessment years beginning on or after that date; "base year" is defined as the assessment year commencing October 1, 2014.