Connecticut House Bill HB05514

Connecticut 2020 Regular Session

• Introduced: 3/11/20
• Refer: 3/11/20

Caption

An Act Concerning The Reassessment Of Residential Buildings.

Impact

The enactment of HB 05514 would allow for more equitable treatment of homeowners whose properties are compromised due to foundation issues. By permitting reassessments based on professional evaluations, the bill aims to alleviate some of the financial strains faced by residents. Such provisions are particularly significant in a housing market where property values can fluctuate based on structural integrity. Furthermore, the bill ensures that any changes in assessment are maintained for a period of five years, providing stability and predictability for affected property owners during this period.

Summary

House Bill 05514, introduced during the February Session of 2020, focuses on the reassessment process for residential buildings that have foundation issues associated with defective concrete. The bill outlines the procedures for property owners who possess a professional evaluation confirming the defect to request adjustments to their property assessments. This reassessment is to reflect the true market value considering the condition of the building's foundation. The amendments are designed to address the financial difficulties homeowners may face due to structural problems, ensuring that property taxes correspond to the actual value of the property after evaluation and potential repairs.

Contention

While the bill seeks to support homeowners dealing with defects in their property's foundation, there may be concerns regarding the potential for misuse of the reassessment provision. Critics could argue that the guidelines for obtaining a reassessment may open the door for challenges related to property values that are not truly reflective of significant structural issues. Ensuring that the bill is carefully monitored by the assessment officials may help mitigate any potential for abuse. Additionally, there may be discussions on how this bill might impact local government revenues derived from property taxes, potentially leading to debates on local funding for services reliant on those tax revenues.