2008 Revaluation
PLEASE NOTE: THE 2008 REVALUATION FIGURES HAVE BEEN IMPLEMENTED FOR THE 2009 GRAND LIST
Why is Revaluation needed?
A revaluation does not raise revenues; it redistributes the tax burden based on the current value of the property. It has been five (5) years since the last complete revaluation of all taxable and non-taxable real estate. During this time, the real estate market has been changing. As a result, this causes inequities in values. Some properties may increase at a faster rate than other. Therefore, the State of Connecticut, pursuant to Section 12-62 of the General Statutes, requires that the city of Torrington conduct this revaluation for the Grand List of October 1, 2008 and further requires that the City perform assessment updates every five (5) years thereafter. Revaluation will return all properties to current market values and to a fair and equitable basis.
For those properties that have not been visited since the last revaluation, we must, by State statute, do a complete physical inspection of the property.
What exactly is a revaluation?
Taking a complete inventory of each property in the City, noting such features as lot size, location, square feet of living area, quality of construction and additions such as decks, porches and garages. Interior items which motivate buyers are also noted such as fireplaces, baths and finished basement area. Other items which affect the desirability and marketability of a property can only be ascertained following an interior inspection. These items include the general interior condition, the layout and the extent of remodeling.
After this inventory is complete, a careful analysis of recent selling prices is conducted to identify and quantify the features that have motivated buyers and sellers in the Torrington real estate market.
This analysis results in the creation of schedules which will then be used to value all of the property in the City of Torrington.
These schedules are then statistically tested to verify their ability to accurately and equitably predict estmates of current market value.
Isn’t fair market value what I paid for my property?
Not always. You may have purchased your property years ago when prices and value were considerably different. The true test is what your property would sell for in today’s real estate market.
What is market value?
The Appraisal Institute defines market value as "the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after a reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress." Sales such as foreclosures and family sales are not considered to be "arms-length" or market transactions.
Who determines the value of my property?
People determine the market through sales between a willing buyer and a willing seller. It is the responsibility of the Assessor to research and determine fair market value in a particular area. The most significant part of the appraisal process is accomplished by gathering sales data occurring during October 2006 through October 1, 2008 and comparing those sales to your property. From a study of sales of similar properties in like neighborhoods, the average sale price of properties can be ascertained.
When will I be notified of my new assessed value?
You were notified of your new assessment in March of 2009. No other notice will be sent unless your assessment was changed by the Assessor.
What can I do, if I recieve a notice, if I disagree wit my new assessed value?
PLEASE NOTE: IF YOU APPEALED TO THE BOARD OF ASSESSMENT APPEALS IN APRIL 2009, YOU ARE NOT ALLOWED ANOTHER APPEAL THIS YEAR.
An assessment appeal is not a complaint about taxes or how much your assessment has changed. It is an attempt to prove that your property's estimated market value is inaccurate or unfair based on recent sales of comparable properties. If you are not satisfied with your changed assessment, the Board of Assessment Appeals will be meeting in the Spring of 2010 to hear all appeals on the Grand List of 2009. Your final appeal is before the courts under Section 12-117a of the Connecticut State General Statutes.
How and when will my taxes be affected by this revaluation?
The revaluation will first affect your July, 2010 tax bill. The amount of your new tax bill is calculated by multiplying you new assessed value times the new mill rate. Since the new mill rate will not be established until the budgetary process has been completed in May of 2010, it is not possible to estimate you new tax bill at this time.
Should you have any questions or concerns, please contact the Assessor’s office at (860) 489-2222.
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