Bill > HB05706

This bill amends Connecticut's property tax assessment regulations by prohibiting municipal assessors from considering income generated by retail sales when determining a property's fair market value. In practical terms, this means that if a commercial property, such as a retail store, generates revenue through selling goods, that income cannot be used as a factor in calculating the property's taxable value. Fair market value is typically defined as the price a property would sell for in an open market transaction between an informed buyer and seller. By excluding retail sales income from the assessment process, the bill aims to prevent potential over-valuation of commercial properties based on their business performance, potentially providing some tax relief or more consistent property valuation methods for retail businesses. The legislation appears designed to create a more standardized approach to property tax assessment that does not penalize businesses for their sales performance.

Housing and Urban Affairs

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05706&which_year=2025