Program to Provide Property Tax Relief for Commercial Businesses
THIS PROGRAM HAS BEEN REPEALED EFFECTIVE JULY 1, 2022
An Act Concerning a
Program to Provide Property Tax Relief for Commercial Businesses
Public
Act 14-174 (CGS Section 12-63i) provides a municipal ordinance for the assessment of
property used for commercial businesses.
The legislation allows a municipality to offer businesses an alternative
assessment method based on a business’s net profits instead of a property’s
assessed value. This Public Act also
requires the Secretary of the Office of Policy and Management to “…establish a
pilot program for not more than five municipalities of varying sizes and in
different regions of the state to allow for the assessment of a commercial
property based on the net profits of the business or businesses occupying such
property.”
For further information, please contact: Martin Heft, Phone (860) 418-6355 or Martin.Heft@ct.gov