CT HB05180

Repeals and replaces Section 12-63b of the general statutes effective July 1, 2018.

Removes the requirement that assessors consider capitalization of net income based on market rent when appraising rental income-producing property.

Requires assessors to consider replacement cost less depreciation and sales comparison approach based on comparable property sales when determining property value.

Applies to real property used primarily for producing rental income, excluding residential properties with six or fewer dwelling units where the owner resides.

Exempts federally or state-assisted housing from these appraisal requirements, except housing where federal assistance equals the difference between fair market rent and tenant-paid rent.