PA 15-229—sHB 6943

Planning and Development Committee

AN ACT DELAYING A MUNICIPAL TAX REVALUATION DEADLINE AND CONCERNING MUNICIPAL RESERVE FUNDS

SUMMARY: This act expands the purposes for which a municipality may create a reserve fund to include property tax revaluation costs and makes conforming changes. Prior law restricted the use of such funds to capital and nonrecurring expenditures to (1) acquire a specific piece of equipment or (2) plan, construct, reconstruct, or acquire a specific capital improvement. As under existing law, the municipality's budget-making authority (i. e. , board of finance, board of selectmen, district committee, or other body charged with preparing the budget) must recommend any expenditure from the fund, and its legislative body must approve it.

The act also allows North Stonington, with its legislative body's approval, to delay a revaluation scheduled for 2015 until the 2016 assessment year. If the town opts to do so, it must implement its next revaluation within five years after the delayed revaluation takes effect. The act allows the person or entity authorized by law to prepare rate bills in North Stonington to prepare new rate bills based on the delayed revaluation.

EFFECTIVE DATE: October 1, 2015, except the revaluation delay provision is effective upon passage.

OLR Tracking: RP; MF; MS; BS