Planning and Development Committee

JOINT FAVORABLE REPORT

Bill No.:

HB-6943

Title:

AN ACT DELAYING MUNICIPAL TAX REVALUATION DEADLINES.

Vote Date:

3/13/2015

Vote Action:

Joint Favorable

PH Date:

3/6/2015

File No.:

SPONSORS OF BILL:

Committee on Planning and Development

REASONS FOR BILL:

The Town of North Stonington's housing market has not yet recovered from the economic downturn and does not believe that the majority of home prices vary greatly from the last evaluation. The cost of reevaluation in this coming year would have a significant impact on the town's budget and the town does not have the funds to spare for another evaluation. This bill would allow a delay for the reevaluation.

RESPONSE FROM ADMINISTRATION/AGENCY:

None Expressed

NATURE AND SOURCES OF SUPPORT:

Representative Diana Urban:

Rep Urban supports this bill because the cost to the municipality would be an estimated $54,000. Speculation about revaluation also suggests that there would not be a significant change to the cost of homes in the municipality. Thus, having the evaluation would imprudent and wasteful.

NATURE AND SOURCES OF OPPOSITION:

None Expressed

Reported by: Wade Packer

Date: 3/17/15