Bill Text: CT SB01115 | 2013 | General Assembly | Comm Sub

Connecticut Senate Bill 1115 (Prior Session Legislation)

Bill Title: An Act Concerning A Municipal Option To Provide An Alternative Method Of Property Tax Assessment For Commercial Properties.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2013-06-04 - Senate Recommitted to Finance, Revenue and Bonding [SB01115 Detail]

Download: Connecticut-2013-SB01115-Comm_Sub.html

General Assembly		*Substitute Bill No. 1115*
*January Session, 2013*		_____SB01115FIN___041513____

AN ACT CONCERNING A MUNICIPAL OPTION TO PROVIDE AN ALTERNATIVE METHOD OF PROPERTY TAX ASSESSMENT FOR COMMERCIAL PROPERTIES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2013, and applicable to assessment years commencing on and after October 1, 2013) Notwithstanding any provision of the general statutes, any municipal charter, any special act or any home rule ordinance, any municipality may, by ordinance, provide for the assessment of a commercial property based upon the net profits from the previous calendar year of the business or businesses occupying such commercial property. Such ordinance shall be designed to promote the municipality's business sector by providing such assessment method for commercial properties that are totally or partially vacant, or to enable commercial properties to lease space to new or expanding businesses. A municipality that adopts such assessment method shall include in the ordinance adopting such assessment method (1) a description of commercial properties that are eligible for such assessment method, (2) a requirement that all parties affected by the use of such assessment method, including the owner or owners of the commercial property, the business or businesses occupying such property and the municipality, agree to the use of such assessment method, (3) a description of how the rate of assessment for such commercial properties will be determined, based upon such net profits, (4) provision for an application process, including documentation required from the owner of a commercial property to demonstrate the benefits to the municipality and such commercial property of such assessment method, and (5) provision for the phase-out of such assessment method on individual commercial properties, so such properties may be returned to the assessment method otherwise required by chapter 203 of the general statutes.


This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2013, and applicable to assessment years commencing on and after October 1, 2013	New section