AN ACT REQUIRING NOTICE OF REVALUATION TO CERTAIN OWNERS OF RESIDENTIAL BUILDINGS WITH DEFECTIVE CONCRETE FOUNDATIONS.

This bill requires municipal assessors to send written notice to owners of residential buildings with defective concrete foundations when a general property revaluation is scheduled. It allows these owners to submit professional engineering reports to trigger a one-time reassessment of their property value and ensures their homes are included in future revaluations to reflect current worth. Additionally, the law mandates that if a foundation is repaired or replaced, the owner must inform the assessor within thirty days so the property value can be adjusted again. These changes aim to improve transparency and ensure accurate tax assessments for homeowners affected by structural concrete issues.