How is property assessed for taxation purposes in Connecticut?

Property in Connecticut is assessed for taxation purposes according to the fair market value determined by local assessors. Assessors evaluate various factors, such as the property's location, size, age, and current market conditions, to establish its fair market value. This valuation process ensures that property taxes are based on an accurate and equitable assessment of what a property is worth in the current real estate market. The fair market value is pivotal because it reflects the price at which the property would sell under normal market conditions, thereby forming a fair basis for taxation.

The initial sale price, previous owner’s purchase price, and fixed rates determined by the state do not accurately represent the current market value of the properties and would not be appropriate measures for assessments, as property values fluctuate over time. The reliance on fair market value ensures that property tax assessments are fair, uniform, and reflective of real estate trends.