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Subcommittee reviews farm building tax‑exemption after state expands cap; staff to draft ordinance language
Summary
Subcommittee discussed raising Torrington’s farm building assessed‑value exemption following a state change that raised the statutory maximum from $50,000 to $500,000. Assessing staff and corporate counsel will draft ordinance amendments for the committee to review; council action will be required to adopt any change.
The ordinance subcommittee discussed proposed changes to the city’s farm building exemption after a change in state law increased the allowable municipal maximum from $50,000 to $500,000. City assessor Stacy Maldonado explained the current local ordinance allows an assessed‑value exemption of “not more than $50,000” per farm building and that farms apply annually for the exemption, supplying documentation (Schedule F, profit threshold and exclusive…
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