Connecticut Governor Signs Law with Municipal Property Tax Revaluation Phase-In Changes

The Connecticut Governor signed a law to implement recommendations concerning assessment, tax collection, revaluation, discretionary funding, the regional performance incentive program, the renters’ rebate program and the elimination of obsolete sections. The law includes a provision on property tax revaluation phase-ins for municipalities. Prior law allowed municipalities choosing to phase-in just a portion of the increase in values, or the overall rate at which they increase, to phase-in no more than 75 percent of either increase. The law reduces the minimum phase-in factor from 25 percent to 20 percent, allowing municipalities to phase-in up to 80 percent, rather than 75 ...