Connecticut General Statutes 7-131w – Municipal sale of certain real property; appraisal required
For the purposes of this section, “municipality” means any town, consolidated town and city or consolidated town and borough. Prior to the sale of any real property (1) owned by a municipality, (2) with an assessed value of more than two hundred fifty thousand dollars or whose value has not been assessed by the town, and (3) that includes or is part of a watershed or encompasses a well or reservoir, such municipality shall cause an appraisal of the fair market value of such real property to be completed. Not later than sixty days prior to such sale, such municipality shall make such appraisal public on such municipality’s Internet web site, or if no such Internet web site exists, through other practicable means as determined by such municipality.
Terms Used In Connecticut General Statutes 7-131w
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.