Use Value Assessment - Public Act 490Posted by Tim Bray on
This is an extremely important act that was passed by all 50 states in the 1960’s to allow farmland, forestry, or open space to be assessed at its use rather than its fair market value or highest and best use as determined by an assessor. Without this law, many land owners would simply not be able to afford land that has been passed down from generation to generation as the taxes would be outrageous.
Each state has its own rules and regulations regarding land use assessment and valuations differ from town to town. The State Law in CT sets no minimum acreage requirements to qualify but the individual township may have guidelines. Many towns in CT require a minimum of 25 acres. In CT you must have your land designated as “Forestry” through the…
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