CT SB00697

Municipalities may enter into written agreements with property owners or lessees to fix real property and air space assessments for up to 10 years, subject to approval by either the legislative body or board of selectmen in town meeting municipalities.

Agreements may apply to real property, air space ownership, or air space leases, including all improvements and future construction on the property or air space.

The bill defines "improvements to be constructed" to include rehabilitation of existing structures for retail business use.

Assessment fix agreements are limited to properties developed for one of 12 specified uses: office, retail, residential (4+ units), manufacturing, warehouse/storage/distribution, multilevel parking for transit, information technology, recreation, transportation, mixed-use development, or health system use.

The act takes effect October 1, 2021, and repeals and replaces Connecticut General Statutes Section 12-65b.