Tax & Accounting Blog

Additional Regulations On Partially Constructed Structures In Connecticut

Indirect Tax, ONESOURCE, ONESOURCE Property Tax August 8, 2012

The Connecticut Legislature has updated and amended the Connecticut Code regarding property tax assessments.  The additions to the regulations are applicable to the assessment and taxation of partially constructed structures. Previously, Connecticut did not assess partially completed or under construction improvements. Pursuant to this new legislation, partially completed new construction will be assessed and taxed accordingly.  These modifications to the Act are effective October 1, 2012, and will be applicable to assessment years commencing on or after that date.