Connecticut House Bill HB05370

Connecticut 2015 Regular Session

• Introduced: 1/14/15
• Refer: 1/14/15

Caption

An Act Concerning The Phase-in Of Property Tax Increases Associated With Certain Reconstruction Costs.

Impact

The primary intent of HB 05370 is to relieve the pressure on homeowners who may already be dealing with the emotional and financial stress of recovering from a disaster. By phasing in the tax increase associated with property improvements mandated by updated codes, the bill provides a buffer for families that might struggle with sudden, increased housing costs at a vulnerable time. This could enhance community resilience, allowing for safer and more code-compliant structures to rise from the remnants of natural disasters without overwhelming property owners financially.

Summary

House Bill 05370 aims to address the financial impact of property tax increases on homeowners who rebuild after their residences are damaged by natural disasters. The proposed legislation seeks to amend the general statutes to ensure that any increase in property assessment due to reconstruction—which must comply with new standards or building codes—will be phased in over a three-year period. This structure mandates that one-third of the assessment increase will be added to the property's assessed value each year, thereby mitigating the immediate financial burden on homeowners during the rebuilding process.

Contention

While the bill is likely to be well-received by affected homeowners and advocates for disaster recovery, there may be contention regarding its fiscal impact on municipal revenue. Local governments often rely on stable and consistent property tax income to fund essential services. Critics may argue that phasing in assessment increases could lead to longer-term budgetary issues for municipalities and affect their ability to provide necessary public services during times of recovery. Balancing homeowner relief with the financial health of local governments will be a significant point of debate surrounding this bill.