Is Your City Conducting a Real Estate Revaluation this Year?

posted by Nicholas Vitti August 5, 2015

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:

Bridgeport
Brooklyn
Canterbury
Clinton
Colebrook
Deep River
Derby
Durham
East Hampton
Ellington
Fairfield

Greenwich
Haddam
Hamden
Hartland
Ledyard
Marlborough
Newington
New Milford
North Branford
Oxford
Pomfret

Stafford
Trumbull
Voluntown
Wallingford
West Haven
Westport
Prospect
Salisbury
Seymour
Somers
Southington

If you have a question about the revaluation process in your town, or about how to appeal the revaluation of your property, call one of our valuation attorneys.

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