Connecticut Senate Bill SB00770

Connecticut 2023 Regular Session

• Introduced: 1/19/23
• Refer: 1/19/23

Caption

An Act Increasing The Uniform Assessment Rate For Property Tax.

Impact

The passage of SB00770 is likely to affect various stakeholders, particularly homeowners who may see increased property tax bills if their homes are valued at a higher assessment rate. Local governments may benefit from increased tax revenues, which could help fund essential services like education, public safety, and infrastructure. However, the implications vary based on how each municipality currently assesses property values and how they manage their budgets.

Summary

SB00770 proposes an increase in the uniform assessment rate for property taxes, amending section 12-62a of the general statutes to set this rate at seventy-five percent of the current true and actual value of the properties. This change aims to standardize the assessment process and possibly increase revenue generated from property taxes across the state by ensuring a more consistent valuation method. The bill reflects a significant shift in how property values are assessed, potentially impacting homeowners and local governments alike.

Contention

There is potential for controversy surrounding SB00770, as some may view the increase in the assessment rate as a burden on property owners, especially in economically strained areas. Opponents of increasing property taxes may argue that this measure could exacerbate financial hardships for residents, particularly among lower-income households. Conversely, supporters may argue that a more equitable assessment system will ensure that everyone contributes fairly to public services funded by property taxes, making it a matter of balancing equity against economic impact.