CRCOG’s Ad-Hoc Working Committee on Crumbling Foundations released recommended guidelines related to crumbling foundations. CRCOG’s Ad-Hoc Working Committee on Crumbling Foundations is putting forth the following guidelines in an attempt to enable the impacted communities to act as consistently as possible.
Numerous towns have experienced crumbling foundations. The passage of HB 5180 allows for homeowners to adjust their assessments who have experienced this problem.
CRCOG’s Ad-Hoc Working Committee along with assessors of many of the towns have agreed on the following as guidelines for towns for the following reasons:
- There has not been enough home sales that have this problem to establish market data of the actual fluctuations in home values
- The homeowner’s change in assessment is valid for five years, but the homeowner may request a reassessment based on changes or advancement of the problem.
The following suggested depreciation schedule has been agreed upon by the majority of assessors in the affected towns:
Level A (documented to be “defective” – no sign of problems), 20% (requires a petrographic analysis to establish that the problem actually exists)
Level B (minor degradation- no repair required), 60%
Level C (minor to moderate degradation- repair suggested/recommended), 75%
Level D (moderate to severe degradation- significant repairs required), 90%
Level E (severe degradation- imminent threat of failure), 100%
This discount is recommended off of the building value. A minority of assessors feel that the devaluation value could be applied as a percentage off an estimate cost to cure (of about $800 per linear foot), but the majority prefers the building value as that is more defensible and is a standardized measure, not subject to numerous variations.
Additional Information can be found at http://crcog.org/crumbling-foundations/