Connecticut House Bill HB05405

Connecticut 2011 Regular Session

• Introduced: 1/19/11
• Refer: 1/19/11

Caption

An Act Concerning A Ten-year Revaluation Schedule.

Impact

If enacted, the bill will alter the way municipalities assess property values for taxation purposes. By allowing for a ten-year revaluation cycle, local governments may be better equipped to manage fiscal planning and resources. Proponents argue that this change could lead to more stable property tax rates and less frequent upheaval in property assessments, which can create uncertainty for residents and local businesses. Moreover, the annual equalization process will ensure that property assessments remain fair and reflective of current market conditions during the revaluation period.

Summary

House Bill 5405 proposes to amend chapter 203 of the general statutes by eliminating the existing five-year statistical revaluation mandate for municipalities. Instead, the bill introduces a ten-year revaluation cycle that allows municipalities to perform an annual equalization process during the fifth to tenth years. This reform aims to simplify the revaluation process and reduce the administrative burden on local governments, potentially resulting in cost savings.

Contention

The proposed changes are expected to be met with various opinions. Supporters of HB 5405 believe that moving to a ten-year cycle will streamline the property assessment process and reduce costs associated with frequent revaluations. However, critics may express concern over the potential for outdated property values to go unaddressed for longer periods, which could lead to inequities in tax distribution and impact funding for local services. The dialogue surrounding this bill will likely focus on balancing efficiency with fair taxation principles.