LCO No. 4962 1 of 2
General Assembly Raised Bill No. 7001
January Session, 2025
LCO No. 4962
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
(PD)
AN ACT CONCERNING THE DETERMINATION OF FAIR MARKET
VALUE OF RETAIL SALES FACILITIES FOR PURPOSES OF
PROPERTY TAXATION.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective October 1, 2025, and applicable to assessment 1
years commencing on or after October 1, 2025) For the purposes of this 2
section, "retail sales facility" means a structure used to serve customers 3
who are physically present at such structure for the purpose of selecting 4
and purchasing goods at retail or renting tangible personal property. 5
When determining the present true and actual value of real property as 6
provided in section 12-63 of the general statutes, if such property is a 7
retail sales facility, the assessor in a municipality shall establish such 8
value based on the highest and best use of the real property considering 9
the following approaches: (1) The cost less depreciation approach, (2) 10
the income approach, and (3) the comparable sales approach. With 11
respect to comparable sales, the assessor shall consider real property 12
that is reasonably similar to the property being valued with regard to 13
age, condition, use, type of construction, location, design, physical 14
features and economic characteristics. 15
Raised Bill No. 7001
LCO No. 4962 2 of 2
This act shall take effect as follows and shall amend the following
sections:
Section 1 October 1, 2025, and
applicable to assessment
years commencing on or
after October 1, 2025
New section
Statement of Purpose:
To specify that a municipal assessor shall consider specific approaches
when determining the fair market value of a retail sales facility for the
purposes of property taxation.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]