Per Connecticut State Statute Chapter 203 Sec. 12-65b

http://www.cga.ct.gov/2009/pub/chap203.htm#Sec12-65b.htm

Real Property Taxes

Cost of improvement = $3,000,000 and over

Phase in

Year 1 maximum deferral = 70%

Year 2 maximum deferral = 60%

Year 3 maximum deferral = 50%

Year 4 maximum deferral = 40%

Year 5 maximum deferral = 30%

Year 6 maximum deferral = 20%

Year 7 maximum deferral = 10% 

*Businesses would commit to remaining in the City for a minimum period of 10 years, or agree to repay any deferral amounts. 

Cost of improvement = $500,000 – $2,999,999

Phase in

Year 1 maximum deferral = 60%

Year 2 maximum deferral = 50% 

*Businesses would commit to remaining in the City for a minimum period of 5 years, or agree to repay any deferral amounts. 

Costs of improvement = $25,000 – $499,999

Phase in

Year 1 maximum deferral = 50%

Year 2 maximum deferral = 40%

Year 3 maximum deferral = 30% 

*Businesses would commit to remaining in the City for a minimum period of 5 years, or agree to repay any deferral amounts. 

Applications will be reviewed by the Commissioner of Planning and Development on a confidential basis to determine eligibility.