Under Connecticut law, towns must revalue real property every five years. A revaluation is revenue neutral – the goal is to fairly value all property to ensure an equitable distribution of the tax burden, the town’s expenditures. Typically, a third-party company is hired to assess all properties in a town.
The process begins with an assessing officer reviewing your property record card and then viewing your property from the street and/or by interior inspection.
Every homeowner should be familiar with their property record as inaccuracies on this card can distort valuations. Links can be found here on our website for each town. Simply enter your property address to view your record.
The data collected in this phase is then compared to data on homes sold during what is known as the base year.
The base year is identified as 12 months preceding the date of revaluation. Thus, the base year for Weston and Norwalk’s October 1, 2023 revaluation is October 1, 2022 – October 1, 2023. While sales before or after the end of the base period may be considered, they are often given secondary weight.
Using this data, a fair market value is determined. While timing varies, homeowners are typically informed of this value before year-end. Keep in mind that this value is just one piece of calculating your property tax, mill rates are the second. Mill rates are set in accordance with the town’s budget and are generally released in June. Read more, What’s up with Mill Rates?
The Formal Appeal Process
Per state statute, property owners have the right to petition the Board of Assessment Appeals for a change in fair market value. Applications are available from February 1 to February 20th. This year, all applications must be submitted to the Assessor’s Office no later than February 20, 2024. No faxes, emails or postmarks will be accepted.
Any evidence such as photographs, surveys or appraisals can help the board of assessment appeals reach a fair decision. Don't focus on increases from prior years (tax or valuation) as all properties have likely increased, albeit not uniformly. Also don’t assume previously submitted information will be reviewed for this appeal. Resubmit if relevant and important for your current appeal.
Most importantly, all appeals must be supported by market data. You can gather this from the Assessor's Online Database (click on Sales Search to find sales within the base period that are similar to your property), or from other real estate website searches. Alternatively, we’d be happy to help gather this data for you. Using our expertise, we can create a proper base year comparative market analysis for your property. Time is short, give us a call today!