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We are mandated by CT General Statutes to Revalue all Real Estate in town every 5 years.
The average increase for residential properties at this point in the Revaluation project is about 35%. The average condominium assessment increase is $48,500 and the average assessment increase for single family homes is $85,500.
It is very important to dispel the myth that a revaluation allows the town to collect more tax dollars. The Town collects the amount of taxes needed to support the budget. You should not multiply your new assessment by the current mill rate to determine your tax burden.
In simple terms, the mill rate calculation is Grand Levy / Net Taxable Grand List.
The Net Taxable Grand List is expected to have a substantial increase which in turn will cause the mill rate to decrease. How much it decreases depends on a lot of factors including the budget, town revenue and the net taxable grand list.
If you have questions about your assessment please follow the instructions on the notice you received and schedule a telephone hearing. The revaluation company needs to hear all feedback to see if any changes are needed to individual properties or a specific type of property.
It is important to be aware of the development of the Town budget. As mentioned above, last year’s budget was $65M.. A large budget increase will impact the mill rate in any year.. not just in a Revaluation year. There is always a public hearing on the budget in April where town leaders explain the budget and solicit feedback. Sadly, it is not usually a well attended event. Handouts detailing the budget are available online or at Town Hall around that time.
The Annual Town meeting to approve the budget happens in early May each year. The attendees of this meeting (taxpayers like you and me) approve the budget and the mill rate.
