Property Valuation Alert: June 2012: Governor Vetoes Revaluation Postponements

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Farmington, New Britain, Norwich, Stamford and Windham pushed legislation through the Connecticut General Assembly which would have allowed them to postpone their scheduled 2012 revaluations until 2013. (They last revalued in 2007.) In past years, this type of special pleading was routinely approved by the General Assembly and signed by the sitting governor.

In a change of course, Governor Dannel P. Malloy vetoed the legislation on June 6. In doing so, he stated “that delaying regularly scheduled revaluations for just these communities, and not for other communities that are similarly situated, is unfair . . . .” Noting that the purpose of a revaluation is to make sure that all properties, “whether . . . residential, commercial or industrial” are fairly and equitably valued, the governor stated that “[d]elaying revaluations on regularly scheduled intervals may distort this system by continuing to use outdated and inaccurate property values in the calculation” of tax bills.

Please see full alert below for more information.

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Published In: Elections & Politics Updates, Commercial Real Estate Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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