Sec. 12-62o. Municipal option to make annual adjustments in property values. - Connecticut Statutes

      Sec. 12-62o. Municipal option to make annual adjustments in property values. (a) Commencing with the first grand list following implementation of a revaluation of property which occurs on or after October 1, 2005, any municipality may, upon approval of its legislative body, require the assessor to value all real property for purposes of assessment in accordance with the provisions of subsections (b) and (c) of this section. Any increase in the valuation of real property in a grand list resulting solely from the implementation of this section shall not be deemed to require the mailing of a written notice of assessment increase pursuant to subsection (b) of section 12-55.

      (b) Commencing with the grand list immediately following the grand list in which a revaluation takes place, the market value of all real estate within a municipality may be adjusted annually to reflect the average annual adjustment in the value of each category of property within the municipality. Such adjustment may be made by specific geographic areas of the municipality. The annual adjustment shall be derived from a compilation of all fair market sales within the municipality during the twelve months preceding the assessment date, provided the assessor may use fair market sales from a prior period or other data that may be lawfully used by an assessor for valuation purposes, if insufficient data exists during such twelve-month period to derive an accurate average annual adjustment. For purposes of this section, property shall be categorized in accordance with the administrative abstract coding system established by the Office of Policy and Management. In no event shall the adjustment under this section exceed five per cent for any assessment year. Any municipality that requires such annual adjustment shall continue such annual adjustment until the next succeeding revaluation in such municipality.

      (c) In addition to adjustments in market value determined in accordance with subsection (b) of this section, each municipality shall continue to adjust the value of real estate for property tax purposes to reflect the value of new construction in accordance with the provisions of section 12-53a.

      (d) Nothing in this section shall be construed as constituting an exception to the requirement to implement a revaluation pursuant to the provisions of section 12-62.

      (P.A. 08-185, S. 12.)