| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | ||
| 3 | - | LCO 1 of 2 | |
| 3 | + | LCO No. 4962 1 of 2 | |
| 4 | 4 | ||
| 5 | - | General Assembly | |
| 5 | + | General Assembly Raised Bill No. 7001 | |
| 6 | 6 | January Session, 2025 | |
| 7 | + | LCO No. 4962 | |
| 8 | + | ||
| 9 | + | ||
| 10 | + | Referred to Committee on PLANNING AND DEVELOPMENT | |
| 11 | + | ||
| 12 | + | ||
| 13 | + | Introduced by: | |
| 14 | + | (PD) | |
| 15 | + | ||
| 7 | 16 | ||
| 8 | 17 | ||
| 9 | 18 | ||
| 10 | 19 | AN ACT CONCERNING THE DETERMINATION OF FAIR MARKET | |
| 11 | 20 | VALUE OF RETAIL SALES FACILITIES FOR PURPOSES OF | |
| 12 | 21 | PROPERTY TAXATION. | |
| 13 | 22 | Be it enacted by the Senate and House of Representatives in General | |
| 14 | 23 | Assembly convened: | |
| 15 | 24 | ||
| 16 | 25 | Section 1. (NEW) (Effective October 1, 2025, and applicable to assessment 1 | |
| 17 | - | years commencing on | |
| 26 | + | years commencing on or after October 1, 2025) For the purposes of this 2 | |
| 18 | 27 | section, "retail sales facility" means a structure used to serve customers 3 | |
| 19 | 28 | who are physically present at such structure for the purpose of selecting 4 | |
| 20 | 29 | and purchasing goods at retail or renting tangible personal property. 5 | |
| 21 | 30 | When determining the present true and actual value of real property as 6 | |
| 22 | 31 | provided in section 12-63 of the general statutes, if such property is a 7 | |
| 23 | 32 | retail sales facility, the assessor in a municipality shall establish such 8 | |
| 24 | 33 | value based on the highest and best use of the real property considering 9 | |
| 25 | 34 | the following approaches: (1) The cost less depreciation approach, (2) 10 | |
| 26 | 35 | the income approach, and (3) the comparable sales approach. With 11 | |
| 27 | 36 | respect to comparable sales, the assessor shall consider real property 12 | |
| 28 | 37 | that is reasonably similar to the property being valued with regard to 13 | |
| 29 | 38 | age, condition, use, type of construction, location, design, physical 14 | |
| 30 | 39 | features and economic characteristics. 15 | |
| 40 | + | Raised Bill No. 7001 | |
| 41 | + | ||
| 42 | + | ||
| 43 | + | ||
| 44 | + | LCO No. 4962 2 of 2 | |
| 45 | + | ||
| 31 | 46 | This act shall take effect as follows and shall amend the following | |
| 32 | 47 | sections: | |
| 33 | - | Substitute Bill No. 7001 | |
| 34 | - | ||
| 35 | - | ||
| 36 | - | LCO 2 of 2 | |
| 37 | 48 | ||
| 38 | 49 | Section 1 October 1, 2025, and | |
| 39 | 50 | applicable to assessment | |
| 40 | - | years commencing on | |
| 51 | + | years commencing on or | |
| 41 | 52 | after October 1, 2025 | |
| 42 | 53 | New section | |
| 43 | 54 | ||
| 44 | - | Statement of Legislative Commissioners: | |
| 45 | - | In the effective date, "or" was changed to "and" for accuracy. | |
| 55 | + | Statement of Purpose: | |
| 56 | + | To specify that a municipal assessor shall consider specific approaches | |
| 57 | + | when determining the fair market value of a retail sales facility for the | |
| 58 | + | purposes of property taxation. | |
| 46 | 59 | ||
| 47 | - | PD Joint Favorable Subst. -LCO | |
| 60 | + | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except | |
| 61 | + | that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not | |
| 62 | + | underlined.] | |
| 48 | 63 |