2009 Revaluation of Real Property
What is revaluation?
Questions go to - www.visionappraisal.com and look up
your property on the Woodbridge Database Revaluation is the process by which the town develops new assessed values for each property based on a review of the current real estate market and individual property characteristics. All property is assessed at 70 percent of market value for local property tax purposes. State law requires revaluation of all real property every FIVE (5) years to insure that assessments are 70 percent of market value. What is the purpose of a revaluation? To ensure that all property owners pay their fair share of taxes, according to the value of their property. The State of Connecticut now requires that cities and towns perform a revaluation every four years so that all properties can be brought to current market value and contribute an equitable portion of the total tax burden. What is market value and who determines my property value? Market value is determined by the activity in the real estate market and the general economy. The value of your property is based on an analysis of the entire market for the full two calendar years before the completion of the revaluation project. It is the Assessors job, along with the assistance of a Revaluation Company, to research and analyze the values in any particular area or neighborhood. In effect, they do what you would do to determine the selling price when putting your property up for sale. There are specific guidelines to follow. Factors that are examined for each property are, but not limited to location, size, quality of construction, age of improvements, topography, zoning, etc. How does the revaluation affect property taxes? Revaluation does not affect your taxes yet, but will as of July, 2010. A tax base for the years total taxes is determined by the Grand List compiled each October. At this time, taxes due in July, 2010, cannot be estimated for several reasons: the October, 2009 Grand List will not be completed until January, 2010, (after new assessments are finalized) and then the budget takes place and a new mill rate is set in the spring of 2010. A revaluation may result in an increase or decrease of individual assessments. Assessments are the base that is used to determine the tax burden. The tax burden is the amount that the municipality must raise to operate the local government and support the many services each of us has come to expect such as schools, police, fire, etc. Does this new assessment include any property tax exemptions? No. The new assessment that is developed is a gross assessment and does not include any exemptions for property taxes applied through state programs to eligible elderly, veteran, or disabled participants. These exemptions will be figured in when a net assessment is created prior to the tax billing of July, 2010. All previous exemptions will remain in effect for all properties. How will I know if my assessment is equitable? There are two very good methods of determining this. First, compare your property to similar properties that sold in the previous year. Your value should be in line with these sale prices. Second, if no recent sales are available, compare your assessment to other similar properties in your area using information available in the Assessors Office. Your value should be in line with these similar properties. Remember, very few properties are exactly alike. Your value should be comparable, but it seldom will be exactly the same as what seems to be a similar property. What recourse do I have if I do not agree with my new assessment? Towards the end of the revaluation in November 2009, every homeowner will receive a notice of his or her properties proposed valuation based on the analysis performed. These values are not final until the hearings are complete. When a homeowner has a question or concern about the proposed valuation, they are asked to call (389-3416) and make an appointment for an informal hearing. The tentative dates for these hearings have not been set yet but ample notice will be given to the public. An informal hearing is not a forum to discuss taxes; it is strictly meant to answer questions on the property valuation. If I disagree with my assessment after a hearing, what are my options? If any property owner believes the assessment on their property is in excess of 70 percent of its fair market value, they may file an appeal with the Town Board of Assessment Appeals. The Board of Assessment Appeals will review the case and make a determination as to the disposition of the appeal. Should the property owner still feel the assessment is incorrect, they may make an appeal to the Superior Court, State of Connecticut. If you have any questions at all about revaluation or the process, please call the Assessor at 389-3416. |