OPM: Program to Provide Property Tax Relief for Commercial Businesses

Program to Provide Property Tax Relief for Commercial Businesses

An Act Concerning a Program to Provide Property Tax Relief for Commercial Businesses

 

Introduction

Public Act 16-3 Section 31 (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.” 

 

Statutory Requirement

Public Act 16-3 Section 31 also requires the Secretary of the Office of Policy and Management to establish an application process.  In accordance with this requirement the Application is available.

 

 

Download:  Application for Local Option Tax Relief for Commercial Businesses (.docx)

Download:  Public Act 16-3 Section 31 (.pdf)

 

 

For further information, please contact:

W. David LeVasseur

Intergovernmental Policy Division

Phone (860) 418-6484

Fax (860) 418-6493

david.levasseur@ct.gov





Content Last Modified on 9/13/2016 3:21:04 PM