Connecticut Court Lowers Property Tax Assessment for Medical Office Buildings

The Connecticut Superior Court ruled in favor of the taxpayer in a property tax assessment appeal, setting the fair market value (FMV) at $13,400,000. The case involved a 2.86-acre parcel with two medical office buildings totaling 124,625 square feet, fully leased to various medical providers. The court evaluated appraisals from both parties, primarily adopting one appraiser’s income analysis but adjusting the vacancy rate from 10 percent to 5 percent based on the property’s consistent full occupancy. The court concluded that the FMV of the property is $13,400,000, reflecting careful consideration of the evidence and expert opinions presented during the trial. ...