CT HB05047

Adds new personal property tax exemption for business organizations with total assessed property value under $10,000, requiring annual application by November 1st to local assessors.

Requires hospitals (including nonprofits, surgical centers, chronic disease hospitals, and urgent care facilities) claiming property tax exemptions to submit annual declarations of tangible personal property to assessors by October 1st.

Mandates assessors report the present true and actual value of hospital-declared property to the Secretary of the Office of Policy and Management by January 31st annually.

Requires the Secretary to submit annual reports to the legislative Finance, Revenue and Bonding Committee by March 15th detailing the value of hospital personal property by town.

All provisions effective October 1, 2016, for assessment years commencing on or after that date.