HB 6480 - An Act Delaying Revaluation

• Allows municipalities required to conduct property revaluations for the 2012 or 2013 assessment year to delay revaluation until the 2014 assessment year, subject to approval by the municipal legislative body.

• Permits municipalities currently phasing in property assessment increases to suspend such phase-ins through the 2014 assessment year, subject to municipal legislative body approval.

• Requires assessors preparing revised grand lists to base 2012 assessments on prior October 1, 2011 valuations, with adjustments only for ownership transfers, new construction, and demolitions.

• Mandates assessors notify property owners of any valuation increases over October 1, 2011 values and grants owners the right to appeal increases before the board of assessment appeals.

• Takes effect upon passage and applies to assessment years commencing on or after October 1, 2012.