Gov. Dannel P. Malloy today announced an initiative that will allow communities across the state to phase-in revaluations of property for a period of up to five years, even if the value of property decreases.
Under current law, municipalities can only phase-in increases in assessments.
This new initiative allows towns and cities to “responsibly administer revaluations in a way that blunts the negative impact to residents,” Gov.Malloy said in a press release today (June 12).
The initiative is part of today’s special legislative session.
“While we have seen improvement in our overall economy, we must continually look for ways to mitigate the impact of the recession on Connecticut residents,” Gov. Malloy said.
“We know that there are properties in our state that have not yet rebounded from the collapse of the real estate market. As a former Mayor, I am well aware of the havoc this situation can create for local governments. After today, we’ll have a fair and reliable process in place that will let local executives navigate these difficult circumstances,” the governor said.
Earlier this month, Gov.Malloy vetoed legislation that would have allowed towns to delay conducting the revaluation. In his veto message, the governor said doing so could exacerbate a municipality’s financial problems.
The new legislation requires revaluations to go forward as statutes require, but phases-in the impact on property taxpayers.
“The Governor’s proposal to broaden municipal authority to phase-in the impacts of property revaluations is good news for towns and cities,” said Jim Finley, Executive Director and CEO of the CT Conference of Municipalities (CCM).
Posted June 12, 2012 – based on Gov. Malloy’s press release
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