2008 Revaluation
Donna L Patchen, City Assessor announced today that work has started on the city’s 2008 reassessment. The City has hired Total Valuation Services to assist in completing the revaluation of all real property with respect to the October 1, 2008 Grand List. Connecticut state law now requires municipalities to revalue all real property once every five (5) years. With one being a full physical in every ten (10) years.
Starting on Monday, July 16, Total Valuation will be measuring and conducting an inspection of every building within the city, that has not been visited by the assessor or a staff member since the 2003 revaluation. Some properties may be visited again if it appears the assessor’s property information is incorrect. In addition, it is very important to have the most complete and accurate information concerning the parcels.
Total Valuation data collectors and appraisal personnel will carry identification cards. All Total Valuation staff when visiting any property will carry a “Letter of Introduction” with the Assessor’s original signature. Anyone with questions or concerns can call the Torrington Assessor’s office or the Torrington Police Department where all Total Valuation personnel are registered.
Ms Patchen stressed the importance of maintaining assessments at the state mandated level of 70% of market value. Over time, as market values change, assessments no longer will be equal to the 70% standard.
Why is Revaluation needed?
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. 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.
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.
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.
Should you have any questions or concerns, please contact the Assessor’s office at (860) 489-2222.
| 
