A Connecticut assessor values a single-family home at $400,000 fair market value and assesses it at $280,000. The homeowner believes the fair market value is only $350,000. If the homeowner successfully argues the lower market value before the Board of Assessment Appeals, what will the new assessed value be?
Correct Answer
A) $245,000
Connecticut law requires property to be assessed at 70% of fair market value (CGS § 12-64). If the Board of Assessment Appeals accepts the homeowner's argument that the fair market value is $350,000, the new assessed value must be recalculated at 70%: $350,000 × 0.70 = $245,000. The 70% ratio is mandatory and applies to the corrected market value.
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