Connecticut House Bill HB05395

Connecticut 2024 Regular Session

• Introduced: 2/29/24
• Refer: 2/29/24

Caption

An Act Requiring Disclosure Of Mass Real Property Appraisal Methods.

Impact

The proposed legislation is set to bring significant changes to how towns conduct property revaluations in Connecticut. Effective July 1, 2024, it outlines a structured schedule for periodic town-wide revaluations every five years. The bill also stipulates that assessors must apply generally accepted mass appraisal methods, which can include approaches like market sales comparison, cost approach, and income approach. This harmonization of appraisal methods across towns may lead to more consistent property assessments and tax levies, reducing controversy over property valuations.

Summary

House Bill 5395 is focused on enhancing transparency in the property appraisal process by mandating that assessors disclose the methods used for mass real property appraisals. Specifically, the bill requires assessors to provide a written explanation of the mass appraisal method applied when a property owner requests such information. This requirement aims to demystify the process of how property values are determined, thereby fostering greater trust and understanding between property owners and assessment authorities.

Contention

One notable point of contention surrounding HB 5395 lies in the potential impact on local governance and the autonomy of towns to manage their appraisal processes. Some stakeholders may argue that the mandated disclosure and standardized timelines could limit local assessors' abilities to adapt their methods to specific community needs. Furthermore, while the bill aims to promote transparency, there may be concerns regarding the administrative burden it places on assessors and the potential for increased costs associated with compliance and public information dissemination.