Connecticut House Bill HB05035

Connecticut 2012 Regular Session

• Introduced: 2/9/12
• Refer: 2/9/12
• Report Pass: 3/2/12
• Refer: 3/14/12
• Report Pass: 3/20/12
• Refer: 4/10/12
• Report Pass: 4/16/12
• Refer: 4/18/12
• Engrossed: 4/25/12
• Report Pass: 4/26/12
• Chaptered: 5/30/12
• Enrolled: 5/31/12
• Passed: 6/15/12

Caption

An Act Concerning Property Tax Assessments By Municipalities.

Impact

The bill will have significant implications for municipal revenue generation, allowing local governments to better capitalize on new developments as they occur. The adjustments aim to ensure that both completed and partially completed properties are taxed appropriately, which could enhance municipal funding for essential services and infrastructure. By changing the taxable status of unfinished structures, the bill attempts to encourage a more proactive approach to property tax assessments.

Summary

House Bill 05035 aims to modify the laws surrounding property tax assessments by municipalities, specifically focusing on how newly constructed real estate is taxed. The bill proposes that municipalities will be able to assess completed new construction for tax purposes based on the assessed value effective from the date the certificate of occupancy is issued or when it is first used. This change is intended to ensure that municipalities can begin collecting property taxes on new developments without unnecessary delays.

Sentiment

The general sentiment around HB 05035 appears to be positive, particularly among those who argue for increased local revenue and the ability for municipalities to better manage their tax bases. Supporters believe that this bill will streamline the tax assessment process and aid local governments in adapting to new developments efficiently. However, there might be concerns among property developers regarding the speed at which taxes would be applied to new constructions.

Contention

While the bill has garnered support for enhancing local tax revenues and facilitating better management of property assessments, some contention may arise concerning potential increases in tax burdens on newly constructed properties. Developers could argue that being taxed immediately upon completion may inhibit their ability to recover costs and that the timing of tax assessments should be more lenient during economic fluctuations. Investigations into these viewpoints will be crucial for understanding the broader implications of the bill.