Raised Bill No. 5395, introduced in the General Assembly and referred to the Committee on PLANNING AND DEVELOPMENT, proposes changes to the existing law regarding real property appraisal methods. The bill seeks to amend subsection (b) of section 12-62 of the general statutes, effective July 1, 2024. The amendment includes a new requirement for assessors to provide a written description of the mass appraisal method used to conduct a revaluation of any parcel of improved real property upon the request of the property owner. This requirement aims to increase transparency in the appraisal process.

The bill also outlines the schedule and procedures for towns to implement revaluations of real property, which are used for levying property taxes. It specifies that revaluations should occur every five years following the previous revaluation's effective date, with adjustments for towns that have deferred revaluations. Assessors must use generally accepted mass appraisal methods and conduct a field review before completing each revaluation. Additionally, the bill details the inspection requirements for parcels of improved real property, including the option for assessors to use questionnaires to verify property data and potentially reduce the need for full inspections. The purpose of the act is to ensure property owners are informed about the appraisal methods used for their properties.