CT SB00449

Establishes a pilot program allowing up to five municipalities of varying sizes and regions to assess commercial properties based on net profits of occupying businesses instead of traditional property valuation methods.

Permits participating municipalities to assess commercial properties using the previous calendar year's net profits or anticipated net profits for vacant properties, with a requirement that property owners, business occupants, and the municipality all agree to the alternative assessment method.

Removes the limitation of "not more than three" commercial properties per municipality eligible for the alternative assessment method.

Requires municipalities to include in their ordinances: descriptions of eligible properties, documentation requirements, rate determination methods based on net profits, an application process, and provisions for phasing out the alternative assessment method.

Mandates the Secretary of the Office of Policy and Management to report annually to the joint standing committee on finance, revenue and bonding regarding program participation, inquiries, and recommended legislative improvements, with first report due January 1, 2015.