General Assembly Proposed Bill No. 5370
January Session, 2015 LCO No. 623
*00623*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
REP. CAMILLO, 151st Dist.
General Assembly
Proposed Bill No. 5370
January Session, 2015
LCO No. 623
*00623*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
REP. CAMILLO, 151st Dist.
AN ACT CONCERNING THE PHASE-IN OF PROPERTY TAX INCREASES ASSOCIATED WITH CERTAIN RECONSTRUCTION COSTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to require that when a residential building is damaged by natural disaster, any increase in the assessment of the property based upon reconstruction compliant with new standards or building code requirements shall be phased in over a three-year period, with one-third of the increase added to the assessed value each year of the phase-in.
Statement of Purpose:
To prevent the burden of increased property taxes for homeowners who lose their residences through natural disaster and rebuild in accordance with new standards and code requirements.