OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-6943

AN ACT DELAYING A MUNICIPAL TAX REVALUATION DEADLINE.


OFA Fiscal Note

State Impact: None

Municipal Impact:

Municipalities

Effect

FY 16 $

FY 17 $

North Stonington

Cost Delay/Grand List Reassessment Delay

See Below

See Below

Explanation

The bill allows the Town of North Stonington to delay, for one year, a revaluation scheduled for October 1, 2015. This allows the town to defer the cost of the revaluation, estimated to be $54,000. It also defers any changes in assessments in North Stonington as a result of revaluation.

It is anticipated that costs associated with the revaluation could be incurred in FY 17, instead of FY 16, and that Grand List changes resulting from revaluation could impact FY 18 mill rates, instead of FY 17.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to the timing of revaluation.