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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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?
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