Connecticut Superior Court Sustains Target’s Property Challenge, Reduces Property Valuation

The Connecticut Superior Court issued a judgment sustaining Target’s property tax challenge and reduced the subject property’s valuation to $15,000,000 from $15,546,500. The case involved a dispute between Target Corporation and the City of Waterbury over the assessed value of a Target store in in Waterbury for tax years 2022 through 2024. The court determined that the income valuation method was most appropriate for this property, concluding that the city had overvalued the property, but not to the extent claimed by the taxpayer, and reduced the valuation to $15,000,000. [Target Corp. v. City of Waterbury, Conn. Super. Ct., No. UWY-CV-23-6070462, ...