Senate Bill No. 224, now Public Act No. 24-55, is an act that mandates the provision of notice for revaluation to owners of residential buildings with defective concrete foundations. The bill amends Section 29-265d of the general statutes, effective July 1, 2024, to allow owners who have obtained a professional engineer's evaluation indicating a defective concrete foundation to provide a copy of the evaluation to the municipal assessor and request a reassessment of the property. The assessor or the assessor's designee must inspect the property and adjust its assessment to reflect its current value within 90 days of receiving the evaluation or before the next assessment year, whichever comes first. This reassessment remains in effect until the next revaluation or until the foundation is repaired or replaced, at which point the assessment is adjusted accordingly. Additionally, the assessor is required to notify, in writing, each owner of a reassessed residential building at least 90 days before a revaluation that their property will be assessed during such revaluation.

The bill also specifies that any residential building that has been reassessed due to a defective concrete foundation must be assessed during each revaluation cycle to reflect its current value, notwithstanding the provisions of section 12-62. Furthermore, owners of reassessed residential buildings must notify the assessor in writing within 30 days after the repair or replacement of the concrete foundation. The assessor or the assessor's designee then has 90 days after receiving the notification, or before the next assessment year, whichever is earlier, to inspect the property and adjust its assessment to reflect its current value. The bill includes insertions and deletions to clarify the language and procedures related to the reassessment of properties with defective concrete foundations.

Statutes affected:
Raised Bill: 29-265d
PD Joint Favorable: 29-265d
File No. 185: 29-265d
Public Act No. 24-55: 29-265d