Malloy backs phasing in revaluation decreases

Gov. Dannel P. Malloy wants to allow Connecticut communities to phase-in revaluations of property for a period of up to five years, even if the value of property within their borders decreases.

Under current law, municipalities can only phase-in increases in assessments. Malloy said the initiative would allow towns and cities to responsibly administer revaluations in a way that blunts the negative impact to residents.

According to the Connecticut Office of Policy and Management, Fairfield County cities scheduled for revaluations this year and next include Stamford, Danbury and Norwalk.

“While we have seen improvement in our overall economy, we must continually look for ways to mitigate the impact of the recession on Connecticut residents,” Malloy said, in a prepared statement.

“We know that there are properties in our state that have not yet rebounded from the collapse of the real estate market. As a former mayor, I am well aware of the havoc this situation can create for local governments. After today, we”™ll have a fair and reliable process in place that will let local executives navigate these difficult circumstances,” Malloy added.

Earlier this month Malloy vetoed legislation that would have allowed towns to delay conducting the revaluation, saying that doing so could exacerbate a municipality”™s financial problems.