Connecticut Superior Court Partially Grants Property Tax Relief Based on Deed Restriction Value Cap

The Connecticut Superior Court ruled partially in favor of the taxpayer in a property tax assessment appeal, holding that a deed restriction limiting resale price must be considered in determining fair market value under General Statutes § 12-117a. The taxpayer challenged the City of New London’s assessment of property subject to a deed restriction capping resale price at the original purchase price plus Consumer Price Index (CPI) adjustments. The court concluded that the deed restriction effectively capped the property’s fair market value and recalculated the allowable increase using a CPI adjustment of 30.1% over the taxpayer’s entire ownership period. Accordingly, ...