Sec. 8-380. Fixing of assessments in housing development zones.
Sec. 8-380. Fixing of assessments in housing development zones. Any municipality which includes an area which has been designated as a housing development zone
pursuant to section 8-378 shall provide, by ordinance, for the fixing of assessments on
all commercial and residential property in such zone which is improved during the period
when such area is designated a housing development zone and, in the case of residential
property, is occupied by families whose income is less than one hundred fifty per cent
of the median family income of the municipality. Such fixed assessments shall be for
a period of eleven years from the time of such improvement and the municipality shall
defer any increase in assessment attributable to such improvements according to the
following schedule:
YearPercentage
Of Increase Deferred
First100
Second100
Third90
Fourth80
Fifth70
Sixth60
Seventh50
Eighth40
Ninth30
Tenth20
Eleventh10
(P.A. 87-378, S. 5.)