Connecticut House Bill HB05269

Connecticut 2015 Regular Session

• Introduced: 1/12/15
• Refer: 1/12/15

Caption

An Act Limiting Property Tax Increases Resulting From The Revaluation Of Property.

Impact

If enacted, HB 5269 would effectively amend chapter 203 of the general statutes, instituting a cap on how much a property's valuation can increase in the event of a tax revaluation. This change could lead to decreased property tax burdens for homeowners, particularly those in areas where property values have risen sharply. The implications of this bill could affect local government revenues as they adjust to new valuations, potentially impacting funding for community services and infrastructure.

Summary

House Bill 5269 aims to address property tax increases associated with the revaluation of properties. The bill proposes that any increase in property valuation resulting from a revaluation cannot exceed fifty percent of the previous valuation. This legislative effort responds to concerns from homeowners who may face significant tax increases due to rising property values, especially in areas experiencing rapid development and market shifts. The bill presents an attempt to create a more balanced and manageable taxation system for residents.

Contention

The introduction of such a cap on property tax increases may generate discussion among stakeholders about the implications for local governance. Proponents might argue that reducing the financial strain on homeowners supports community stability and affordability. However, opponents could express concern that limiting property tax revenues may hinder local governments' ability to fund essential services, leading to budget shortfalls or cuts in public services. Thus, the bill presents a tension between financial relief for property owners and the fiscal health of local governments.