Under Connecticut property tax law, which of the following types of property is NOT typically exempt from local property taxation?
Correct Answer
A) Property owned by a private for-profit corporation used for commercial operations
Under CGS § 12-81, Connecticut law exempts a broad range of property from local property taxation, including property owned by government entities, qualifying religious organizations, nonprofit educational institutions, and charitable organizations. However, property owned by a private for-profit corporation and used for commercial operations is NOT exempt — it is fully subject to property taxation. For-profit commercial use is the key factor that disqualifies a property from exemption.
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Elena, a Connecticut homeowner who is 68 years old with a limited fixed income, asks her real estate agent about possible property tax relief programs available in Connecticut. Which of the following programs is specifically designed to provide property tax relief to qualifying elderly or disabled homeowners in Connecticut?
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A Connecticut assessor is determining the value of a commercial office building for property tax purposes. The building generates consistent annual net operating income. Which appraisal approach is most appropriate and most commonly used by Connecticut assessors for income-producing commercial property?