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General Assembly Substitute Bill No. 7001
January Session, 2025
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 and 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
This act shall take effect as follows and shall amend the following
sections:
Substitute Bill No. 7001
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Section 1 October 1, 2025, and
applicable to assessment
years commencing on and
after October 1, 2025
New section
Statement of Legislative Commissioners:
In the effective date, "or" was changed to "and" for accuracy.
PD Joint Favorable Subst. -LCO