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.
Requiring a county appraiser to adjust the value of personal property mobile homes, residential and commercial property upon final determination or obtain a fee simple appraisal if the appraised value exceeds 5% increase over five years.
Requiring the county appraiser to submit a single property appraisal report at the valuation appeal hearing before the regular division of the state board of tax appeals.
An Act Revising The Effective Dates Of Provisions Regarding Certain Municipal Referenda And Equity Joint Ventures And Concerning Contracts With The Department Of Developmental Services, The Commissioner Of Education's Network Of Schools, The Reporting Of Certain School District Financial Information, The Failure To File For Certain Grand List Exemptions And The Deferrals Of Certain Towns' Real Property Revaluations.
Relating to the frequency with which certain appraisal districts are required to reappraise property for ad valorem tax purposes and to a limitation on the authority of an appraisal district to increase the appraised value of property.
Increases the membership of the assessor's certification program committee and provides for educational requirements for certification and recertification of assessors (EN NO IMPACT See Note)