Connecticut Senate Bill SB00456

Connecticut 2015 Regular Session

• Introduced: 1/22/15
• Refer: 1/22/15

Caption

An Act Establishing A Five-year Phase-in Period For Property Tax Increases Associated With Certain Reconstruction Costs.

Impact

If enacted, SB 456 would alter the tax assessment process related to homes that have been reconstructed after being damaged by natural disasters. The first year of reconstruction would maintain the property's assessed value at pre-disaster levels, alleviating immediate financial pressure on homeowners. Subsequently, the bill allows for a gradual increase in the assessed value of the property, capping the yearly gain at one-quarter of the total increase over the remaining four years. This gradual adjustment helps homeowners adjust to the rising costs associated with property taxes over time, rather than facing a sudden financial burden.

Summary

Senate Bill 456 seeks to amend title 12 of the general statutes by establishing a five-year phase-in period for property tax increases that arise from reconstruction costs associated with damage from natural disasters. The bill is primarily aimed at protecting homeowners who have suffered losses due to natural events, ensuring that they are not immediately faced with a significant increase in property tax liability when they rebuild their homes. This is especially relevant for individuals who may already be experiencing financial strain due to the costs of repairs and recovery following such disasters.

Contention

Discussion surrounding SB 456 may involve debates over the balance between tax revenue needs of local governments and the financial assistance to homeowners recovering from natural disasters. Advocates of the bill argue that allowing such a phase-in period is crucial for maintaining community stability and supporting families during their recovery process. However, opponents might express concerns about the potential negative impact on local funding sources that rely on property tax revenues and how this could affect public services and infrastructure in the long term.