Connecticut Superior Court Reduces Retail Center’s Property Tax Valuation

The Connecticut Superior Court partially ruled in favor of the taxpayer, reducing the valuation of a commercial property for tax assessment purposes. The case involved a real property tax appeal by the taxpayer challenging the City of Waterbury’s valuation of a retail center. After considering expert testimonies and applying the income valuation approach, the court determined that the property had been overvalued. The court found the proper valuation to be $23.1 million, down from the city’s original assessment of $24,407,000, granting relief on some counts while dismissing others alleging manifestly excessive valuation. [Waterbury Reidville Drive LLC v. City of Waterbury, ...