Frequently Asked Questions
Why is any Town undergoing a revaluation now?
The State of Connecticut, pursuant to Section 12-62 of the General Statutes, requires that each municipality conduct a revaluation. The purpose of a revaluation is to eliminate any assessment inequities that may have developed since the implementation of the previous revaluation. A revaluation ensures fairness and equity in the collection of revenue for Municipal purposes.
What exactly is a revaluation?
A revaluation is an update of all real property values as of October 1 of the revaluation year. It consists of appraising the value of the properties, both taxable and exempt, using recent sales, building costs and income and expense information of similar properties. All residential, commercial, apartments, industrial, vacant land, churches, school buildings and all other real estate will be valued.
How does the Town perform a revaluation?
The Town has contracted with Municipal Valuation Services, a Connecticut certified revaluation company, to assist in the revaluation. The firm will analyze recent sales data, review the calculated values, and meet with the public to answer questions about the methods utilized and the concluded assessments. Valuation models are developed based on market data collected since the last revaluation. These models are then statistically tested as required by State Statutes and the Office of Policy and Management to verify their ability to accurately and equitably predict estimates of current market value. The Assessor’s Office will be directing all activities of the revaluation consultants, and will be overseeing quality control and valuation analyses.
What is market value?
The Appraisal Institute defines market value as “the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after a reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.” Sales such as foreclosures and family sales are not considered to be “arms-length” or market transactions.
Will field representatives be identified?
Yes. Each representative will be properly identified. You may also call the Assessor’s Office and/or the Police Department to verify a representative’s identity.
How and when will my taxes be affected by this revaluation?
The revaluation will first affect your July tax bill. The amount of your new tax bill is calculated by multiplying your new assessed value times the new mill rate. Since the new mill rate will not be established until the budgetary process has been completed in May, it is not possible to estimate your new tax bill at this time.
When will I be notified of my new assessed value?
The revaluation company will send out assessment notices at the end of the year.
After I receive my notice in November, what can I do if I disagree with my new assessed value?
An assessment appeal is not a complaint about taxes or how much your assessment has changed. It is an attempt to prove that your property’s estimated market value is inaccurate or unfair based on recent sales of comparable properties. Your first appeal should be with the revaluation company. At your hearing, revaluation staff will be available to explain the procedures used to value your property. If you are not satisfied with the results of that hearing, the Board of Assessment Appeals will be meeting in the Spring to hear all appeals on the Grand List. Your final appeal is before the courts under Section 12-117a of the General Statutes.