CT HB05395

Assessors must use generally accepted mass appraisal methods when conducting property revaluations, which may include market sales comparison approach, cost approach to value, and income approach to value.

Upon request of a property owner, assessors must provide a written description of the mass appraisal method used to conduct a revaluation of that specific parcel of improved real property.

Towns must implement property revaluations on a five-year schedule, with the revaluation date schedule prescribed by the secretary for each revaluation zone, effective October 1, 2023.

Board of assessors members must approve all valuations by majority vote before revaluation completion, except in towns with a single assessor.

The act takes effect July 1, 2024, and amends Connecticut General Statutes section 12-62(b).