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Substitute Senate Bill No. 412

PUBLIC ACT NO. 96-218

AN ACT CONCERNING MUNICIPAL REVALUATIONS AND THE PROPERTY TAX.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 12-62 of the general statutes, as amended by section 3 of public act 95-283, is repealed and the following is substituted in lieu thereof:

(a) [Commencing October 1, 1996] (1) (A) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR AN ASSESSMENT YEAR COMMENCING ON OR BEFORE OCTOBER 1, 1986, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1997, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY PHYSICAL OBSERVATION; (B) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1987, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1998, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY PHYSICAL OBSERVATION; (C) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1988, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1999, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY PHYSICAL OBSERVATION; (D) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1989, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1999, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2003, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION; (E) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1990, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2000, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2004, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION; (F) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1991, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2000, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2004, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION; (G) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1992, SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2001, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2005, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION; (H) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1993, SHALL, FOR THE ASSESSMENT YEARS COMMENCING OCTOBER 1, 2001, AND OCTOBER 1, 2005, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2009, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION; (I) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1994, SHALL, FOR THE ASSESSMENT YEARS COMMENCING OCTOBER 1, 2001, AND OCTOBER 1, 2005, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2009, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION; AND (J) THE ASSESSOR OR BOARD OF ASSESSORS OF EACH TOWN WHICH LEVIES REAL PROPERTY TAXES ON THE BASIS OF A REVALUATION THAT WAS IMPLEMENTED FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1995, SHALL, FOR THE ASSESSMENT YEARS COMMENCING OCTOBER 1, 2001, AND OCTOBER 1, 2005, REVALUE ALL REAL PROPERTY FOR ASSESSMENT PURPOSES BY USE OF STATISTICAL ADJUSTMENTS IN VALUE, AND SHALL, FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 2009, REVALUE ALL SUCH PROPERTY BY PHYSICAL OBSERVATION. (2) FOR THE ASSESSMENT YEAR COMMENCING NOT LATER THAN TWELVE YEARS FOLLOWING THE REVALUATION BY PHYSICAL OBSERVATION OF ALL REAL PROPERTY REQUIRED UNDER SUBDIVISION (1) OF THIS SUBSECTION OR UNDER SECTION 5 OF THIS ACT AND NOT LATER THAN EVERY TWELVE YEARS THEREAFTER, the assessors of all towns, consolidated towns and cities and consolidated towns and boroughs or their designees shall [, no later than twelve years following the effective date of the last preceding revaluation by physical observation of all real property and every twelve years thereafter,] revalue all of the real estate in their respective municipalities for assessment purposes by MEANS OF physical observation [of all real estate in the municipality.] In addition [commencing October 1, 1996,] TO ANY STATISTICAL REVALUATION REQUIRED UNDER SUBDIVISION (1) OF THIS SUBSECTION, NOT LATER THAN every four years following [such] EACH physical revaluation CONDUCTED PURSUANT TO SAID SUBDIVISION (1) OR SECTION 5 OF THIS ACT AND THIS SUBDIVISION, such assessors shall revalue all real property for assessment purposes by use of a statistical method of adjusting the value, without a physical observation, reflecting any change in the value of such real estate as compared to its value determined for the purposes of said immediately preceding revaluation. (3) The assessments derived from each physical and statistical revaluation UNDER SUBDIVISIONS (1) AND (2) OF THIS SUBSECTION shall be used for the purpose of levying property taxes in such municipality in the assessment year in which such revaluation becomes effective and in each assessment year thereafter until the next succeeding revaluation in accordance with this section becomes effective. In the performance of these duties, except in any municipality where there is a single assessor, at least two of the assessors shall act together, and all valuations shall be separately approved by a majority of the assessors. AN ASSESSOR SHALL HAVE FULFILLED THE REQUIREMENT TO VIEW BY PHYSICAL INSPECTION IF A PHYSICAL INSPECTION OF A PROPERTY HAS BEEN MADE AT ANY TIME FROM THE ASSESSMENT DATE OF THE IMMEDIATELY PRECEDING STATISTICAL REVALUATION TO THE ASSESSMENT DATE OF THE SUCCEEDING REVALUATION BY PHYSICAL INSPECTION. NOTHING IN THIS SUBSECTION SHALL BE CONSTRUED AS PROHIBITING A TOWN FROM EFFECTING MORE FREQUENT REVALUATIONS BY MEANS OF EITHER PHYSICAL OBSERVATION OR A STATISTICAL METHOD OF ADJUSTING ASSESSED VALUATIONS, PROVIDED NO MORE THAN TWELVE YEARS SHALL ELAPSE BETWEEN THE IMPLEMENTATION OF EACH PHYSICAL REVALUATION AND A STATISTICAL REVALUATION SHALL BE IMPLEMENTED NO LESS THAN EVERY FOUR YEARS BETWEEN THE IMPLEMENTATION OF EACH PHYSICAL REVALUATION.

(b) [Nothing] EXCEPT AS PROVIDED IN SUBDIVISION (1) OF SUBSECTION (a) OF THIS SECTION, NOTHING in this section shall be construed to extend the period between revaluations made by viewing beyond twelve years. The Secretary of the Office of Policy and Management shall adopt regulations concerning acceptable methods for use by a municipality in conducting a revaluation by use of statistical adjustments in value.

(c) During the conduct of any such revaluation in accordance with this section in any municipality and during a period of not less than twelve months immediately following the date on which such revaluation becomes effective, any criteria, guidelines, price schedules or statement of procedures used in such revaluation by the assessors or any revaluation company shall be available for public inspection in the assessor's office in such municipality in the manner provided for public records in subsection (a) of section 1-19, AS AMENDED. The provisions of this subsection shall be applicable to any such criteria, guidelines, price schedules or statement of procedures placed on file in such assessor's office on or after October 1, 1979.

[(d) Notwithstanding the provisions of subsections (a) and (b) of this section, the assessor in any municipality in which a physical observation revaluation of all real estate has not become effective in the tenth year following the last preceding revaluation in such municipality, shall be required to view all of the real estate in the municipality, and revalue the same for assessment purposes, not later than October 1, 1993. The assessments derived from such physical observation revaluation shall be used for the purpose of levying property taxes in such municipality in the assessment year in which such revaluation becomes effective. Not later than ten years following the effective date of such physical observation revaluation, the assessor shall be required to revalue all the real estate in the municipality in accordance with the provisions of this section.]

[(e)] (d) Written notice of the implementation of a revaluation shall be filed by the chief executive officer of the municipality with the Secretary of the Office of Policy and Management. Such notice shall be filed not later than five business days following the date on which final action with respect to the establishment of a mill rate for the revalued grand list is taken. Any municipality which fails to comply with the provisions of this section shall forfeit ten per cent of the total amount of state grants-in-aid determined by statutory formula, as of the date certification of payment is required to be made to such municipality, for the fiscal year next following the October first assessment date on which the required revaluation was not implemented. Such forfeit shall be based upon the state grants-in-aid which are included in the estimate prepared by the Secretary of the Office of Policy and Management pursuant to section 4-71b. For each succeeding assessment year in which the provisions of this section are not met, such municipality shall forfeit ten per cent of such state grants-in-aid. If the secretary determines that such a forfeit is required, he shall cause the certification made to the State Comptroller for each such grant-in-aid to the municipality, to reflect the amount of reduction in such grant-in-aid. The secretary may waive such forfeit if, in his opinion, there appears to be reasonable cause for the municipality not having implemented a revaluation as required, provided the chief executive officer of the municipality submits a written request for such waiver. Such request shall include the reason for the failure of the municipality to comply with the provisions of this section. The secretary shall promptly consider such request and shall, within fifteen business days, notify the municipality of his decision to grant or deny a waiver of the forfeit. Reasonable cause shall include, but not be limited to (1) a postponement of a revaluation in any town or city, provided such postponement is allowed by the secretary in accordance with the provisions of section 12-117, AS AMENDED or is ordered by the superior court for the judicial district in which the municipality is located, (2) failure on the part of any person or organization performing such revaluation under contract to complete contractual duties to the satisfaction of the municipality or (3) the death or serious illness of the assessor during the conduct of a revaluation, which results in a delay of its implementation.

[(f)] (e) Any assessor required to view by physical observation all real estate in a municipality by the provisions of this section may designate a revaluation company certified in accordance with section 12-2b to view and evaluate, pursuant to a methodology approved by such assessor, all or any portion of such real estate, provided nothing in this subsection shall relieve any assessor of any other requirement relating to such revaluation imposed by any provisions of the general statutes, any public or special act or any municipal charter.

[(g)] (f) The assessor or board of assessors shall send written notice by mail of each revaluation conducted pursuant to this section to each person whose property was revalued. Such notice shall include information describing the property owner's rights to appeal such revaluation.

Sec. 2. Subsections (e) and (f) of section 12-62a of the general statutes are repealed and the following is substituted in lieu thereof:

(e) [Any] COMMENCING OCTOBER 1, 1996, ANY such municipality may, with respect to the assessment list in such municipality in a year in which a revaluation becomes effective, as required under section 12-62, AS AMENDED BY SECTION 1 OF THIS ACT provided such revaluation has resulted in an increase in the total assessed value of all real property on the assessment list in the year immediately preceding such revaluation, [commencing with any such assessment list for 1977 and including any such list for assessment years commencing October 1, 1978, to October 1, 1985, inclusive, or commencing on and after October 1, 1992,] by vote of its legislative body and in the manner provided in this subsection, defer all or any part of the amount of such increase in the assessed value of real property included in the assessment list in the year such revaluation becomes effective, provided in the year such revaluation becomes effective and in any succeeding year in which such deferment is allowed by such municipality, the assessed value of such real property in the year immediately preceding revaluation shall be increased in such equal amounts in each of such years that the assessed value of such real property in the last year of such deferment, but in no event later than the [fourth] THIRD year following the year of such revaluation, shall be no less than the assessed value applicable to such property in the year of revaluation except for deferment of such increased assessment in accordance with this subsection. In any municipality with such a revaluation becoming effective and electing to defer all or any part of the amount of such increase in the assessed value of real property over the period of [four] THREE years immediately following, as provided in this subsection, subject to approval by the legislative body as provided above with respect to real property included in the assessment list in the year of such revaluation, new real estate construction in such municipality which is completed and determined to be subject to property tax as provided in section 12-53a AS AMENDED after the assessment date in the year of such revaluation and prior to the assessment date in the [fourth] THIRD year following the year of such revaluation, may be assessed during such period in a manner similar to that provided in this subsection for real property included in the assessment list in the year of such revaluation, deferring a portion of the actual assessed value of such new construction as of the date liability for property tax is established and adding such portion in equal increments to an assessed value for such new construction estimated as that which would have been applicable if it had been completed immediately prior to the assessment date in the year of such revaluation, such increments to be added in each assessment year commencing with the year in which liability for property tax is so established and ending not later than the [fourth] THIRD year following the year of such revaluation. The assessed value for purposes of this subsection in each of said years shall be determined as the sum of (1) such estimated assessed value (2) any of the equal increments already added to such estimated value for purposes of determining the assessed value in accordance with this subsection and (3) the increment for the year with respect to which such assessed value is being determined. The portion of the actual assessed value of such new construction as of the date of such liability which is to be deferred and added in increments to such estimated assessed value shall be the amount by which the actual assessed value of such new construction on the date tax liability is so established exceeds the estimated assessed value for such new construction as described in this subsection.

(f) Any municipality which has elected to defer all or any part of the amount of increase in the assessed value of real property as provided in subsection (e) may (1) continue the plan of such deferment as approved by the legislative body of such municipality until the [fourth] THIRD year following the year of such revaluation as provided in said subsection (e) or (2) at any time, subject to approval by the legislative body in such municipality, discontinue the plan of such deferment as adopted and notwithstanding the provisions of section 7-344 AS AMENDED and any other public or special act or charter, lay such rate of property tax on the assessment list for the assessment year in which such discontinuance occurs, as completed and placed in the town clerk's office in accordance with section 12-55, AS AMENDED without any deferment of amounts of increase in assessed values in accordance with said subsection (e), in the amount that would have been applicable with respect to said assessment list if such plan of deferment had not been adopted. In the event any such tax in accordance with said subsection (e) has been levied and become due and payable in such assessment year prior to the date of such discontinuance as provided in this subsection, the amount of tax due and payable under this subsection shall be that portion of such tax in excess of the amount of tax due and payable prior to the date of such discontinuance and which amount, notwithstanding discontinuance of such plan of deferment, shall continue to be collectible by the tax collector. Within a period not exceeding thirty days following the date on which such plan of deferment is discontinued, the assessor in such municipality shall notify the tax collector as to the additional amounts of such tax due with respect to the assessment list for the assessment year in which such discontinuance occurs and the tax collector shall within ten days thereafter mail a bill to the owner of each parcel of real property subject to such additional tax. Such tax shall be due and payable and collectible as other municipal property taxes, provided such tax shall be due and payable in an initial or single instalment not sooner than thirty days following the date such bill is mailed to the owner and in any remaining instalments of equal amounts as the same are determined to be due and payable by the legislative body.

Sec. 3. Section 12-62h of the general statutes, as amended by section 8 of public act 95-283, is repealed and the following is substituted in lieu thereof:

(a) Notwithstanding any provision of this title, the local legislative body of a municipality may, at its option, stay the implementation of such municipality's OCTOBER 1, 1993, 1994, OR 1995 revaluation FOR A PERIOD NOT TO EXCEED THREE YEARS, TWO YEARS AND ONE YEAR, RESPECTIVELY in order to implement the recommendations of the Property Tax Reform Commission enacted during the 1995 session of the General Assembly [. The local legislative body of a municipality may stay such implementation for a period or periods not to exceed in the aggregate three years. Any] AND ANY REVISIONS THERETO AS ENACTED DURING THE 1996 SESSION OF THE GENERAL ASSEMBLY. ON OR BEFORE THE DATE BY WHICH A MILL RATE TO PROVIDE FOR THE LEVY OF TAXES RELATIVE TO ANY SUCH ASSESSMENT YEAR IS ESTABLISHED, ANY distressed municipality AS DEFINED IN SUBSECTION (b) OF SECTION 32-9p, shall by majority vote of its legislative body approve such stay and any municipality, other than a distressed municipality shall by two-thirds vote of its legislative body approve such stay. [Any] THE ASSESSORS OF ANY municipality [required to implement revaluation for the assessment year commencing October 1, 1993, which has not as of February 15, 1994, adopted mill rates for taxes due July 1, 1994] IN WHICH THE LEGISLATIVE BODY APPROVES A STAY OF REVALUATION IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION, may use such municipality's most recently completed grand list prior to revaluation as updated by any additions, deletions, splits, combinations and other changes in ownership as of [October 1, 1993, provided any] THE OCTOBER FIRST DATE WHICH, EXCEPT FOR SUCH APPROVAL, WOULD BE THE EFFECTIVE DATE OF REVALUATION. ALTERNATIVELY, ANY such municipality EXCEPT A MUNICIPALITY IMPLEMENTING REVALUATION AS OF OCTOBER 1, 1995, may commence a phase-in of its revaluation pursuant to subsection (e) of section 12-62a AS AMENDED BY SECTION 2 OF THIS ACT or section 12-62c AS AMENDED with respect to such assessment year and may after the first year of such phase-in stay the further implementation of such phase-in [in accordance with the provisions of this section. Any municipality required to implement revaluation for the year commencing October 1, 1994, which has not as of February 15, 1995, adopted a mill rate for taxes due July 1, 1995, may use such municipality's most recently completed grand list prior to revaluation as updated by any additions, deletions, splits, combinations and other changes of ownership as of October 1, 1994. Any municipality which has elected to defer all or any part of the amount of increase in the assessed value of real property as approved by the legislative body of such municipality, pursuant to subsection (e) of section 12-62a or 12-62c, and which has not as of June 9, 1994, adopted a mill rate for taxes for July 1, 1994, may, subject to approval by the legislative body of such municipality, stay the further implementation of such phase-in, so that the assessed value shall not include such further increments in value for the grand lists of October 1, 1993, and October 1, 1994, as provided for in such plan. Any municipality required to implement revaluation for the year commencing October 1, 1995, which has not as of February 15, 1996, adopted a mill rate for taxes due July 1, 1996, may use such municipality's most recently completed grand list prior to revaluation as updated by any additions, deletions, splits, combinations and other changes of ownership as of October 1, 1995. Any municipality which has elected to defer all or any part of the amount of increase in the assessed value of real property as approved by the legislative body of such municipality, pursuant to subsection (e) of section 12-62a or 12-62c, and which has not as of June 9, 1995, adopted a mill rate for taxes for July 1, 1995, may, subject to approval by the legislative body of such municipality, stay the further implementation of such phase-in, so that the assessed value shall not include such further increments in value for the grand lists of October 1, 1994, and October 1, 1995, as provided for in such plan. On and after December 31, 1996, each municipality shall comply with all provisions of any new property tax statutes enacted during the 1995 session of the General Assembly for implementation as of July 1, 1997. If during the 1995 session of the General Assembly no legislation is enacted concerning property tax reform each municipality which has stayed the implementation of revaluation or phase-in of revaluation shall recommence the implementation of such revaluation or phase-in upon the expiration of any stay implemented according to the provisions of this section.]

(b) [Any municipality which has elected to stay the implementation of a phase-in of revaluation, pursuant to this section, shall, at the expiration of such stay, resume such phase-in at the point where such municipality would have been during the first year in which such stay was implemented if such stay was not implemented.] (1) THE ASSESSOR OF EACH MUNICIPALITY HAVING STAYED THE IMPLEMENTATION OF AN OCTOBER 1, 1993, 1994, OR 1995 REVALUATION, SHALL, ON THE GRAND LIST FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1996, REFLECT ASSESSMENTS BASED UPON THE REVALUATION THAT WAS STAYED. THE ASSESSOR OF EACH MUNICIPALITY HAVING STAYED THE FURTHER IMPLEMENTATION OF PHASE-IN WITH RESPECT TO A REVALUATION IMPLEMENTED ON OCTOBER 1, 1993, SHALL, ON THE GRAND LIST FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1996, RECOMMENCE SUCH PHASE-IN BY REFLECTING ASSESSMENTS THAT INCLUDE THE INCREMENTAL VALUE THAT WOULD, EXCEPT FOR SUCH STAY, HAVE BEEN ADDED IN THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1994, AND FOR EACH ASSESSMENT YEAR THEREAFTER, UNTIL THE TERM OF THE PHASE-IN AS ADOPTED BY THE MUNICIPALITY IS COMPLETED, SUCH ASSESSORS SHALL REFLECT ASSESSMENTS WHICH INCLUDE THE ADDITION OF THE APPLICABLE PHASE-IN INCREMENT. ANY MUNICIPALITY WHICH HAS ELECTED TO DEFER ALL OR PART OF THE INCREASE IN THE ASSESSED VALUE OF REAL PROPERTY PURSUANT TO SECTION 12-62a, AS AMENDED BY SECTION 2 OF THIS ACT, OR 12-62c, AS AMENDED, SHALL, AS OF OCTOBER 1, 1996, REFLECT OWNERSHIP AND VALUATION CHANGES FOR EACH ASSESSMENT YEAR DURING SUCH STAY. (2) NOTWITHSTANDING THE PROVISIONS OF ANY SPECIAL ACT OR THIS SECTION ANY MUNICIPALITY WHICH ELECTED TO DEFER FURTHER IMPLEMENTATION OF A PHASE-IN ADOPTED PURSUANT TO SECTION 12-62c, AS AMENDED, OR PURSUANT TO SUBSECTION (e) OF SECTION 12-62a, AS AMENDED BY SECTION 2 OF THIS ACT, MAY CONTINUE TO DEFER THE FURTHER IMPLEMENTATION OF SUCH PHASE-IN FOR THE ASSESSMENT YEARS COMMENCING OCTOBER 1, 1995, AND OCTOBER 1, 1996, PROVIDED OWNERSHIP AND APPROPRIATE VALUATION CHANGES WITH RESPECT TO SUCH ASSESSMENT YEARS SHALL BE REFLECTED. THE GRAND LIST OF ANY SUCH MUNICIPALITY FOR THE ASSESSMENT YEAR COMMENCING OCTOBER 1, 1997, SHALL INCLUDE ASSESSMENTS THAT REFLECT SEVENTY PER CENT OF THE FAIR MARKET VALUE OF REAL PROPERTY AS DETERMINED IN ACCORDANCE WITH SAID REVALUATION.

Sec. 4. (NEW) Any two or more municipalities that implement physical revaluations on or after October 1, 1996, and have jointly entered into a contract for services with a revaluation company certified in accordance with section 12-2b of the general statutes, may apply to the Secretary of the Office of Policy and Management for an interlocal revaluation agreement grant. The amount of such grant shall be fifty per cent of the amount of the grant-in-aid provided under subsection (c) of section 12-62f of the general statutes, as amended, for which each such municipality qualified. Any application for such grant shall be submitted in writing on a form furnished by the secretary and shall be accompanied by such supporting documentation as the secretary may require. The applicant shall receive written notification of the approval or rejection of his application. The secretary shall certify to the Comptroller the amount due under the provisions of this section upon approving such application. The Comptroller shall draw his order on the Treasurer on or before the fifteenth day following the date such certification is made and the Treasurer shall pay the amount thereof not later than fifteen days following.

Sec. 5. (NEW) Notwithstanding the provisions of subparagraph (B) of subdivision (1) of subsection (a) of section 12-62 of the general statutes, as amended by section 1 of this act, any town which has entered into an agreement to conduct a physical revaluation for a contiguous town and which levies real property taxes on the basis of a revaluation that was implemented for the assessment year commencing October 1, 1987, shall for the assessment year commencing October 1, 1999, revalue all such real property by physical observation.

Sec. 6. This act shall take effect from its passage.

Approved June 4, 1996. Effective June 4, 1996.

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