A Connecticut real estate salesperson is explaining property tax concepts to a first-time homebuyer. Which of the following statements about Connecticut property tax is NOT accurate?
Correct Answer
A) Connecticut assesses real property at 100% of fair market value for property tax purposes
Connecticut does NOT assess property at 100% of fair market value. Under CGS § 12-64, Connecticut assesses real property at 70% of fair market value. Stating that Connecticut uses 100% assessment is factually incorrect and is the statement that is NOT accurate. This is one of the most fundamental and frequently tested facts in Connecticut property tax law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
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Previous Question
A Connecticut municipality completed a revaluation in October. A property owner's assessed value increased from $210,000 to $280,000. The prior mill rate was 30 mills. The municipality is required to adjust the mill rate so that total tax revenue remains the same as before the revaluation. If the town's total grand list increased by exactly one-third due to the revaluation, what should the new mill rate be?
Next Question
A Connecticut assessor is preparing the annual grand list for a municipality. Which of the following best defines the 'grand list' in the context of Connecticut property taxation?