Tight deadlines apply for tax appeals when a property is revalued.
Connecticut law requires each municipality 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 all real estate within the city or town. The municipality then uses the values established during the revaluation 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. Even though the property value remains fixed, municipal real estate taxes usually increase annually as the mill rate on which the taxes are based rises from year to year. In Connecticut, municipal tax assessments are based upon seventy (70%) of the property’s fair market value as of the revaluation date. To calculate taxes due on any 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 during a revaluation year the municipality over-assesses the value of your property, you will pay excessive taxes over the next five years. In situations like these, tax appeals should be considered. Tax savings will be realized if the municipality reduces its assessment on appeal.
Tight deadlines apply when filing tax appeals, so property owners who may have been over-assessed should explore their appeal rights as quickly as possible. Municipalities across the State are on different five-year cycles. Fourteen municipalities began their revaluation cycles in 2019. Notices of the new valuations would have been received by property owners in November and December of 2019.
Has your Municipality conducted a real estate revaluation in 2019?
If you live if one of these Connecticut towns or cities, watch for your revaluation notice in 2019 and respond quickly if an excessive value is assigned to your property by the assessor.
If you have a question about the revaluation process in your city or town, or about how to appeal the revaluation of your property, call one of our experienced valuation attorneys.