SB 224 — AN ACT REQUIRING NOTICE OF REVALUATION TO CERTAIN OWNERS OF RESIDENTIAL BUILDINGS WITH DEFECTIVE CONCRETE FOUNDATIONS.

Senate GeneralBill Assembly File No.

185224 FebruaryPublic Session,Act 2024 Senate Bill No.

22424-55 Senate,AN AprilACT 2,REQUIRING 2024NOTICE TheOF CommitteeREVALUATION onTO PlanningCERTAIN andOWNERS DevelopmentOF reportedRESIDENTIAL throughBUILDINGS SEN.WITH DEFECTIVE CONCRETE FOUNDATIONS.

RAHMAN of the 4th Dist., Chairperson of the Committee on the part of the Senate, that the bill ought to pass.

AN ACT REQUIRING NOTICE OF REVALUATION TO CERTAIN OWNERS OF RESIDENTIAL BUILDINGS WITH DEFECTIVE CONCRETE FOUNDATIONS.

[by the assessor.] Not later than ninety days after the receipt of [a] such copy, [of such evaluation,] or prior to the commencement of the assessment year next following, whichever is earlier, the assessor, [member of the assessor's staff or person designated by the assessor] or the assessor's designee, shall inspect the residential building and adjust its assessment SB224toreflectitscurrentvalue.Suchreassessmentmaybeappealedpursuant /to Filesection No.12-111.

185Any 1reassessment SB224under Filethis section shall apply until the next revaluation becomes effective or the concrete foundation is repaired or replaced, and the assessor, [member of the assessor's staff or Senate Bill No.

185224 toreflectitscurrentvalue.Suchreassessmentmaybeappealedpursuantpersondesignatedbytheassessor]ortheassessor'sdesignee,adjuststhe assessment of the residential building, whichever is earlier.The assessor shall, in writing and not later than ninety days prior to sectionthe 12-111.commencement of a revaluation, notify each owner of a residential building that was reassessed pursuant to this subsection that such residential building will be assessed during such revaluation.

Any reassessment under this section shall apply until the next revaluation becomes effective or the concrete foundation is repaired or replaced, and the assessor, [member of the assessor's staff or persondesignatedbytheassessor]ortheassessor'sdesignee,adjuststhe assessment of the residential building, whichever is earlier.The assessor shall, in writing and not later than ninety days prior to the commencement of a revaluation, notify each owner of a residential building that was reassessed pursuant to this subsection that such residential building will be assessed during such revaluation.

ThisApproved actMay shall28, take2024 effectPublic asAct followsNo. and shall amend the following sections:

Section24-55 12 Julyof 1,2 2024 29-265d PD Joint Favorable SB224 / File No.

185 2 SB224 File No.

185 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

None Municipal Impact:

Municipalities Effect FY 25 $ FY 26 $ Various Municipalities Cost Minimal Minimal Explanation The bill requires municipalities to provide owners of residential buildings with defective concrete foundations with written notice at least 90 days before their next revaluation.

The requirement to provide written notice will result in minimal administrative costs for municipalities beginning in FY 25.

The Out Years The annualized ongoing fiscal impact identified above would continue into the future subject to the number of notices that must be sent.

SB224 / File No.

185 3 SB224 File No.

185 OLR Bill Analysis SB 224 AN ACT REQUIRING NOTICE OF REVALUATION TO CERTAIN OWNERS OF RESIDENTIAL BUILDINGS WITH DEFECTIVE CONCRETE FOUNDATIONS.

SUMMARY Existing law allows a residential property owner with a foundation made from defective concrete to ask the municipal assessor to inspect the property and reassess it to reflect its current (i.e., diminished) value.

This adjusted assessment applies until the next revaluation takes effect or the foundation is repaired or replaced, whichever comes first.

This bill requires assessors to give these property owners at least 90 days’ written notice before the next revaluation starts that their properties will be assessed during the revaluation.

By law, unchanged by the bill, these properties’ assessments must be updated with each revaluation to reflect their current value.

The bill also makes minor and technical changes.

EFFECTIVE DATE:

July 1, 2024 COMMITTEE ACTION Planning and Development Committee Joint Favorable Yea 21 Nay 0 (03/15/2024) SB224 / File No.

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