Sec. 12-125b. Exemption or abatement of tax on real property bought from the state by a municipality.
Sec. 12-125b. Exemption or abatement of tax on real property bought from
the state by a municipality. Any municipality that purchases a parcel of land, or a
portion thereof owned by the state may enter into an agreement (1) exempting such
parcel or portion thereof from any property tax imposed by the municipality, or providing
that such parcel or portion thereof is subject to all or any portion of such property tax,
and (2) providing for payments in lieu of, or fixing, property taxes with respect to such
parcel or portion thereof. Such agreement shall be for such amounts, duration and on such
terms as may be approved by the legislative body of such municipality. Any payments in
lieu of, or fixing, such taxes, together with interest thereon as provided in any such
agreement, shall constitute a lien upon such property, taking precedence over all other
liens and encumbrances. Such lien may be foreclosed in the same manner as a lien for
property taxes.
(P.A. 06-194, S. 24.)
History: P.A. 06-194 effective July 1, 2006.