OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

HB-7185

AN ACT EXEMPTING LEASED MUNICIPAL PROPERTY FROM TAXATION.


OFA Fiscal Note

State Impact: None

Municipal Impact: None

Explanation

The bill exempts from taxation real and personal property, and motor vehicles, that are leased to a municipality and located within such municipality.

Generally, companies factor the cost of property taxes paid into the rent they charge to municipalities for leasing equipment or land. A municipality would experience no net fiscal impact as a result of this bill if it is currently paying rent to a company that includes the exact amount of property taxes it collected from the company.

The Out Years

State Impact: None

Municipal Impact: None