Connecticut Superior Court Reduces Fair Market Value of Taxpayer’s Mixed-Use Property

The Connecticut Superior Court issued a decision in favor of taxpayer, ordering a reduction of the fair market value of taxpayer’s property. The dispute arose from taxpayer’s challenge to the City of Stamford’s assessment of a mixed-use property, claiming it was grossly excessive and disproportionate. The court, after considering expert testimony and evidence from both parties, determined the fair market value of the property using income capitalization and sales comparison approaches. The court found that the property’s fair market value as of Oct. 1, 2022, was $10,780,000, lower than the city’s original $11,238,470 valuation. [Procurement, LLC v. City of Stamford, ...