Page 711

House Bill No. 5506

Public Act No. 22-118 711 of 739

selling price. [(8)] (9) With respect to any personal property which is prohibited by law from being sold, the present true and actual value of such property shall be established with respect to such property's original manufactured cost increased by a ratio the numerator of which is the total proceeds from the manufacturer's salable equipment sold and the denominator of which is the total cost of the manufacturer's salable equipment sold. Such value shall then be depreciated in accordance with the appropriate schedule in this subsection. [(9)] (10) The schedules of depreciation set forth in subdivisions (3) to (6), inclusive, of this subsection shall not be used with respect to videotapes, horses or other taxable livestock or electric cogenerating equipment. [(10)] (11) If the assessor determines that the value of any item of personal property, other than a motor vehicle, produced by the application of the schedules set forth in this subsection does not accurately reflect the present true and actual value of such item, the assessor shall adjust such value to reflect the present true and actual value of such item. [(11)] (12) Nothing in this subsection shall prevent any taxpayer from appealing any assessment made pursuant to this subsection if such assessment does not accurately reflect the present true and actual value of any item of such taxpayer's personal property. Sec. 501. Section 12-41 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022, and applicable to assessment years commencing on or after October 1, 2023): (a) "Municipality", whenever used in this section, includes each town, consolidated town and city, and consolidated town and borough.