AN ACT CONCERNING CERTAIN DETERMINATIONS OF FAIR MARKET VALUE FOR PURPOSES OF PROPERTY TAXATION.

HB 5706 prevents municipal assessors from using income from retail sales when calculating the fair market value of property for taxation purposes. It directly affects retail property owners and local governments that assess property taxes. The bill amends state law to explicitly require assessors to disregard revenue generated by selling goods when determining a property's taxable value. This change clarifies the assessment process to exclude operational income from retail businesses. The law applies to all property tax assessments conducted under Connecticut's current system.