Bill Text: CT SB00898 | 2011 | General Assembly | Comm Sub
Bill Title: An Act Concerning Property Tax Relief For Low And Moderate Income Owners Of Residential Property.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2011-04-07 - Referred by Senate to Committee on Finance, Revenue and Bonding [SB00898 Detail]
Download: Connecticut-2011-SB00898-Comm_Sub.html
General Assembly |
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January Session, 2011 |
*_____SB00898PD____031111____* |
AN ACT CONCERNING PROPERTY TAX RELIEF FOR LOW AND MODERATE INCOME OWNERS OF RESIDENTIAL PROPERTY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2011, and applicable to assessment years commencing on or after October 1, 2011) (a) For purposes of this section, (1) "low income" means persons and families having an aggregate family income equal to or over twenty-six per cent but less than fifty per cent of the area median income, as determined by the United States Department of Housing and Urban Development; and (2) "moderate income" means persons and families having an aggregate family income equal to or over fifty per cent but less than eighty per cent of the area median income, as determined by the United States Department of Housing and Urban Development.
(b) Notwithstanding subsection (b) of section 12-62a of the general statutes, any municipality may, by vote of its legislative body or, in a municipality where the legislative body is a town meeting, by vote of the board of selectmen, assess any residential property owned by low and moderate income households, including, but not limited to, a single family unit in a common interest community, at less than seventy per cent of the present true and actual value, as determined under section 12-63 of the general statutes.
(c) Any municipality that elects, pursuant to subsection (b) of this section, to reduce the assessment of residential property owned by low and moderate income households shall establish a procedure under which such municipality shall determine eligibility for such reduced assessment. Such procedure shall include a provision that when an applicant has filed for such reduced assessment and received approval for the first time, such reduced assessment shall only apply for two assessment years, subject to the provisions of subsection (d) of this section, and such applicant shall be required to refile for such reduced assessment thereafter in order to continue such reduced assessment.
(d) Any person who has submitted an application and been approved in any assessment year for the reduced assessment under subsection (b) of this section shall, in the assessment year immediately following approval, be presumed to be qualified for such reduced assessment. If, in the assessment year immediately following approval, such person has qualifying income in excess of the maximum allowed under this section, such person shall notify the tax assessor in the municipality on or before the next filing date for such reduced assessment and shall be denied such reduced assessment for the following assessment year and for any subsequent assessment year until such person has reapplied and again qualified for such reduced assessment. Any person who fails to notify the tax assessor of such disqualification shall be liable to the municipality in the amount of property tax revenue loss due to the reduced assessment improperly taken.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2011, and applicable to assessment years commencing on or after October 1, 2011 |
New section |
PD |
Joint Favorable Subst. |