Property revaluation in Connecticut in scheduled for October of 2013 and Gov. Malloy has announced an initiative to phase-in revaluations of property for a period of up to five years, even if property value decreases, according to an official statement released by the governor's office.
“This initiative does two things: it helps local taxpayers and allows municipalities the flexibility they need to blunt the negative impact revaluation sometimes carries,” stated Malloy.
"We know that there are properties in our state that have not yet rebounded from the collapse of the real estate market. After today, we’ll have a fair and reliable process in place that will let local executives navigate these difficult circumstances,” stated Malloy.
Malloy also decided to veto proposed legislation that would allow towns and cities to put off the upcoming property revaluations, which, stated in his office's official release, he said could "exacerbate a municipality’s financial problems."
"Some people want to shift the tax burden from one group to another and put it off to the folowing year," said New Canaan Assistant Assessor Susan McCaughey of postponing the revaluation, "but that’s never been done in new Canaan."
Executive Director and CEO of the CT Conference of Municipalities Jim Finley also stated in the release, "The Governor's proposal to broaden municipal authority to phase-in the impacts of property revaluations is good news for towns and cities.
"It would provide communities where property values (grand lists) have fallen an additional local-option tool to stabilize municipal finances and protect property taxpayers."