A Connecticut veteran who was honorably discharged asks his real estate agent about property tax exemptions. Under Connecticut law, which of the following most accurately describes the property tax benefit available to qualifying veterans?
Correct Answer
B) Veterans receive a reduction in assessed value of a specified amount, which reduces their taxable assessed value
Under CGS § 12-81(19) and related provisions, qualifying Connecticut veterans receive a property tax exemption in the form of a reduction in assessed value — specifically, a deduction from the assessed value of their property. The amount of the reduction varies based on the veteran's service and disability status. This reduction in assessed value then lowers the taxable base on which the mill rate is applied, thereby reducing the tax bill.
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Previous Question
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?
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A residential property in Westport, Connecticut has a fair market value of $600,000. The assessor applies Connecticut's standard 70% assessment ratio. The town's mill rate is 17.5 mills. What is the annual property tax owed on this property?