Connecticut law requires all municipalities to conduct a general revaluation of the real estate within its borders, at least once every five years. The purpose of a revaluation is for a municipality to determine the market value of real estate to be used to calculate property taxes. Once a property’s value is set in a general revaluation, it remains constant over the entire five year cycle, absent appeal, demolition, improvements or expansion. Of course, the annual taxes usually increase, as a municipality’s mill rate increases from year to year. In Connecticut, the assessed value of a property is equal to seventy (70%) of its fair market value as of the revaluation date; and in order to calculate taxes due on a given property, the assessed value is multiplied by the mill rate.
It is always important to carefully review your tax bill and/or notices of assessments, but even more so in the year your city or town conducts a revaluation. If an appeal is warranted, tax savings will be maximized when an appeal is pursued immediately following the revaluation. Municipalities across the State are on different cycles. Stamford had a revaluation on 10/1/2012. Greenwich will be conducting a revaluation this year on 10/1/2015.
The following is a list of Connecticut municipalities conducting revaluations this year on 10/1/2015: