CT SB00450

Allows municipalities to enter into written agreements to fix property tax assessments for real property or air space improvements for a period of not more than ten years.

Eliminates previous restrictions that limited abatement periods based on improvement costs (7 years for $3M+ improvements, 2 years for $500K+ improvements, etc.).

Expands eligible uses for tax abatement to include permanent and transient residential properties with four or more dwelling units (previously limited to single structures).

Maintains eligibility for office, retail, manufacturing, warehouse, parking, IT, recreation, transportation, mixed-use development, and health system uses.

Effective October 1, 2016, and applies to assessment years commencing on or after that date.