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?
Correct Answer
B) The total assessed value of all taxable property in the municipality as of October 1
In Connecticut, the 'grand list' is the official list of all taxable property in a municipality, showing the total assessed value (at 70% of fair market value) of all real and personal property as of October 1 of each year. The grand list is used to calculate the mill rate and determine the total property tax levy. This is a Connecticut-specific term defined under CGS § 12-55.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
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