Connecticut Administrative Code › Title 12 - Taxation › 62i - Performance-Based Revaluation Testing Standards and Certification of Revaluations Performed by Towns › Section 12-62i-1 - Definitions

Current through July 10, 2024
As used in section 12-62i-1 to section
				12-62i-8,
				inclusive, of the Regulations of Connecticut State Agencies:
(1) "Aggregate mean ratio" means the ratio of
			 the sum of the assessments to the sum of the sales prices;
(2) "Apartment property" means an improved
			 parcel of land devoted to use as a domicile of five or more dwelling units
			 including co-operative ownership by the tenants. Apartment property includes
			 the lot or land that is occupied by an apartment building and other
			 improvements to or on the land;
(3)
			 "Assessor" means the assessor or board of assessors of any Connecticut
			 town;
(4) "Cadastral map" means a
			 map drawn to scale displaying for each parcel of real property within a town,
			 dimensions, survey lines, ownership boundaries and a unique
			 identifier;
(5) "Coefficient of
			 dispersion" means the average absolute deviation of assessment/sales ratios
			 from the median assessment/sales ratio, expressed as a percentage of the
			 median;
(6) "Commercial property"
			 means an improved parcel of land used for the sale of goods or services
			 including, but not limited to dining establishments, motor vehicle services,
			 warehouse and distribution facilities, retail services, banks, office
			 buildings, multi-purpose buildings that house more than one occupation,
			 commercial condominiums for retail or wholesale use, non-residential living
			 accommodations, recreation facilities, entertainment facilities, hotels, and
			 motels. Commercial property includes the lot or land on which the building(s)
			 is situated and accessory improvements located on a commercial lot such as
			 paving and storage buildings;
(7)
			 "Company" means a revaluation company as defined in section
			 12-2c
			 of the Connecticut General Statutes;
(8) "Industrial property" means an improved
			 parcel of land used for the production or fabrication of durable and
			 non-durable man-made goods from raw materials or compounded parts including but
			 not limited to manufacturing and processing facilities, industrial
			 condominiums, and mining and quarrying operations. Industrial property includes
			 the lot or land on which the building(s) is situated and accessory improvements
			 located on an industrial lot such as paving, storage buildings and
			 tanks.
(9) "Market sale" means a
			 sale for the most probable price in cash, terms equivalent to cash, or in other
			 precisely revealed terms, for which the real property will sell in a
			 competitive and open market under all conditions requisite to a fair sale with
			 the buyer and seller each acting prudently, knowledgeably, and assuming the
			 price is not affected by undue stimulus. It includes the consummation of a sale
			 as of a specified date and the passing of title from seller to buyer under
			 conditions whereby:
(A) the buyer and seller
			 are typically motivated,
(B) both
			 parties are well informed or well advised, and acting in what they consider
			 their best interest,
(C) a
			 reasonable time is allowed for exposure in the open market,
(D) payment is made in United States'
			 currency or in terms of financial arrangements comparable thereto, and
(E) the price represents the normal
			 consideration for the real property sold which is unaffected by special or
			 creative financing or sales concessions granted by anyone associated with the
			 sale;