City of Meriden, CT: Fixed assessment.

[Adopted 6-1-1987]

All real property in the enterprise zone which was improved during the period when such area is designated as an enterprise zone shall have its real estate assessments fixed. Such fixed assessment shall be for a period of seven years from the time of such improvements and shall defer any increase in assessment attributable to such improvements according to the following schedule:

	Year	Percentage of Increase Deferred
	First	100%
	Second	100%
	Third	50%
	Fourth	40%
	Fifth	30%
	Sixth	20%
	Seventh	10%

Any fixed assessment on any residential property shall cease if:

(1)

For any residential rental property, any dwelling unit in such property is rented to any person whose income exceeds 200% of the median family income of the municipality; or

(2)

For any condominium conversion declared after the designation of the enterprise zone, any unit is sold to any person whose income exceeds 200% of the median family income of the municipality.

§ 19-2 Revaluation of property.

In the event of a general revaluation by any such municipality in the year in which such improvement is completed, resulting in any increase in the assessment on such property, only that portion of the increase resulting from such improvement shall be deferred. In the event of a general revaluation in any year after the year in which such improvement is completed, such deferred assessment shall be increased or decreased in proportion to the increase or decrease in the total assessment on such property as a result of such revaluation.

§ 19-3 Manufacturing facilities.

No improvement of any real property which qualifies as a manufacturing facility under § 32-9p(d) of the Connecticut General Statutes shall be eligible for any fixed assessment pursuant to this article.

§ 19-4 Deferral of assessment increases.

[Added 9-19-1988; amended 3-6-1989]

Residential and commercial property in the enterprise zone which is either newly constructed or rehabilitated subsequent to April 16, 1987, shall be eligible for deferral of assessment increases resulting from such construction or rehabilitation for a seven-year period in accordance with the schedule contained in § 19-1A of this article. In order to qualify for assessment deferral under this section a project consisting of real property improvements, rehabilitation or new construction must be undertaken pursuant to a building permit issued for the project. Furthermore, in order to qualify for property tax deferral under this article, the property owner must file an application for enterprise zone tax deferral on forms available from the City's Enterprise Zone Coordinator, Tax Assessor or the Building Department. This application must be filed no later than the Grand List date for which deferral is requested, except for tax deferral applications for the October 1, 1987, and October 1, 1988, Grand Lists which have until January 31, 1989, to file.

§ 19-5 Personal property tax deferral for certain commercial businesses.

[Added 9-19-1988]

Commercial businesses which occupy space which has been improved, rehabilitated or newly constructed and which have applied for a property tax deferral under § 19-1A of this article are eligible to apply for a three-year personal property tax deferral for personal property new to the Grand List of the City of Meriden according to the following schedule:

(1)

First year: 100%.

(2)

Second year: 100%.

(3)

Third year: 50%.

Commercial businesses that are leasing improved, rehabilitated or newly constructed space in a building which has applied for a seven-year property tax deferral under § 19-1A of this article must have a three-year lease to occupy said space to qualify for the three-year personal property tax deferral.