AN ACT CONCERNING PROPERTY TAX RELIEF FOR CERTAIN ELDERLY HOMEOWNERS.

OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 ¯ (860) 240-0200

http: //www.cga.ct.gov/ofa

sHB-5093

AN ACT CONCERNING PROPERTY TAX RELIEF FOR CERTAIN ELDERLY HOMEOWNERS.

AMENDMENT

LCO No.: 5370

File Copy No.: 558

House Calendar No.: 370

Municipalities	Effect	FY 07 $	FY 08 $
Various Municipalities	See Below	See Below	See Below

Explanation

The amendment allows municipalities to elect a gradual phase-in of real property revaluation assessment increases over time period not exceeding five years. A municipality may phase-in all or a portion of the assessment increase for each parcel. If a municipality chooses to phase-in a portion of the increase, it must set a factor that cannot be less than 25%. The factor is applied to the increase in assessment to determine the portion of the total assessment that is fully taxed immediately. The remaining increase in the assessment is phased-in over a period of time not exceeding four years.

Municipalities opting to gradually phase-in increases in assessments will see their grand list increase accordingly over the same period of the phase-in and will result in the gradual shift in tax burden among different property classes.

The amendment also makes other technical changes to the bill which have no fiscal impact.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either House thereof for any purpose.