Sec. 7-498. Development property may be tax-exempt.
Sec. 7-498. Development property may be tax-exempt. Any development property may be exempted from any property tax imposed by the municipality; provided
any municipality may enter into an agreement, approved by resolution, providing for a
payment or payments in lieu of taxes with respect to any such property, or providing
that any such property is subject to all or any portion of local property taxes. In no case
shall development property be exempt in whole or in part from such property tax for a
period or periods, in the aggregate, in excess of twenty years. This section shall not
affect, modify, alter or invalidate any agreement entered into by any municipality prior
to August 8, 1975, relating to local property taxes to be paid on any municipally owned
property.
(July Sp. Sess. P.A. 75-2, S. 19, 25; P.A. 84-428, S. 3, 4.)
History: P.A. 84-428 amended the description of development property, which may be exempt from property tax, by
deleting the condition that such property must be owned by a municipality to be so exempted.