Sec. 12-81aa. Municipal option to abate taxes for urban and industrial reinvestment sites.
Sec. 12-81aa. Municipal option to abate taxes for urban and industrial reinvestment sites. (a) If the real property of an "eligible industrial site investment project"
or an "eligible urban reinvestment project", each as defined in section 32-9t, which
has received written approval from the Commissioner of Economic and Community
Development for a credit under section 32-9t, does not otherwise qualify for abatement
or exemption of property taxes under any other provision of the general statutes, the
municipality in which such project is located may, for a period of five assessment years
following the certification of the project under section 32-9t, abate fifty per cent of the
portion of the property tax due that is attributable to the increased value of such property
as a result of the approved remediation, construction or other development under section
32-9t. The abatement shall cease upon the sale or transfer of the property for any other
purpose unless the municipality consents to its continuation. The municipality may also
establish a recapture provision in the event of sale, provided such recapture shall not
exceed the original amount of taxes abated.
(b) A municipality shall notify the Commissioner of Economic and Community
Development and the Secretary of the Office of Policy and Management not later than
thirty days after granting any abatement of taxes under subsection (a) of this section.
Such notice shall provide the owner or purchaser's name, as the case may be, and the
address of the property.
(P.A. 00-170, S. 39, 42.)
History: P.A. 00-170 effective July 1, 2000.