Starting October 1st, the Town of Greenwich Assessor started mailing revaluation notices to owners of real property in Greenwich with the new real estate tax assessments based on the October 1, 2015 revaluation. The new value will be used to determine property taxes payable from July, 2016 through January, 2021. Upon receipt, property owners should review their notices and determine whether the new values accurately reflect the fair market values as of the October 1, 2015 revaluation date. If an assessment is excessive, there are opportunities to appeal, but there are strict timelines that must be adhered to.
In connection with the 2015 revaluation in Greenwich, it is our understanding that the Assessor and/or her agents will be conducting informal hearings from late-November until early-February, and that the Assessor has obtained an extension to sign the Grand List, which has extended the deadline to appeal to the Greenwich Board of Assessment Appeals to March 20, 2016. The formal appeal process consists of an appeal to the Board, and if necessary, to Superior Court within two months of the Board’s decision. If either of these deadlines are missed, the right to challenge the assessment on the 10/1/15 Grand List will be lost.
The decision as to whether to pursue and appeal should not be taken lightly. A thoughtful and critical analysis of whether an appeal is warranted is essential. Documents including recent appraisals, listings for sale and offers to purchase, sales of comparable properties, income and expense statements, leases and the like may all be relevant in determining a property’s value as of the revaluation date, and must be considered against the backdrop of appropriate legal and valuation grounds for an appeal.
If you wish to discuss your new assessment or evaluate the potential merits or benefits of an appeal, please feel free to contact Cacace, Tusch & Santagata and we will be happy to assist.