An Act Concerning The Reassessment Of Residential Buildings With Defective Concrete Foundations And Quarry Geological Source Reporting.
Impact
The implications of SB00037 are significant for property laws within the state. By allowing reassessments of properties with known defects, the bill seeks to provide some relief to homeowners struggling with property value declines due to structural issues. This legislation may encourage homeowners to address foundation problems more promptly, knowing that they can reassess their property and potentially help mitigate financial losses related to diminished value caused by faulty construction materials.
Summary
SB00037, also known as 'An Act Concerning the Reassessment of Residential Buildings with Defective Concrete Foundations and Quarry Geological Source Reporting', aims to address issues related to residential buildings that have foundations made of defective concrete. The bill proposes that owners of such buildings can obtain a reassessment of their property, which would remain valid until the defective foundation is repaired or replaced. This reassessment provision is designed to protect property owners and potentially maintain their property values in light of structural concerns.
Contention
While the bill has the potential for positive impact, there may be points of contention regarding how the reassessment process will be implemented and the responsibility of quarries that supply aggregate for concrete. The requirement for quarries to annually prepare geological source reports raises questions about the accountability of these suppliers regarding the quality of their materials. Critics may argue about the burden this might place on quarry operations and the potential cost implications for builders and consumers alike. The overall effectiveness of the bill may also depend on regulatory enforcement and clarity in the reassessment process.
An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.
An Act Concerning The Bonding Authority Of The Connecticut Municipal Redevelopment Authority, The Reporting Of Material Financial Obligations By State Agencies, Tax-exempt Proceeds Fund References And The Notification Of The Sale Or Lease Of Projects Financed With Bond Proceeds.