Raised Bill No. 450 introduces a schedule to exempt motor vehicles from property tax, starting with a $5,000 exemption in the 2024 assessment year and leading to a full exemption by 2028. It also proposes to increase the uniform property assessment rate from the current 70% to 90% over the same period. The bill includes amendments to various sections of the general statutes to reflect these changes. Additionally, it specifies that the fair market value of property in certain towns will be determined by a state-certified real estate appraiser, with the costs shared by the towns. The bill allows for an appeal process to the superior court within thirty days if there is disagreement with the appraiser's determination.

The bill also redefines terms such as "apartment property" and "residential property," and outlines the process for annual adjustments to the assessment rate charged to these properties, ensuring that the rates do not exceed the percentages set forth in the amended Section 12-62a. It introduces a new assessment rate for nonowner-occupied residential properties and establishes a referendum process for budget increases exceeding 2.6%. Furthermore, it provides tax incentives for purchasers of buildings with four or more residential units who invest significantly in the property. The act is set to take effect on October 1, 2024, and includes specific deletions (indicated by brackets) and additions (underlined) to the current law.

Statutes affected:
Raised Bill: 12-62a, 12-115, 15-101bb, 12-62r