CT HB06943

North Stonington is not required to implement a property tax revaluation prior to the assessment year beginning October 1, 2016, if approved by the town's legislative body.

Any subsequent revaluation after the delayed implementation must occur no later than October 1, five years after the deferred revaluation's assessment date.

Municipal reserve funds for capital and nonrecurring expenditures may now be used to cover costs associated with property tax revaluations, effective October 1, 2015.

Municipalities can establish appropriations from reserve funds specifically designated for revaluation projects, with unexpended portions reverting to the reserve fund after completion.

Municipalities may supplement reserve funds for revaluation costs through bond issuance if the reserve fund is insufficient to meet immediate revaluation needs.