2014 City-Wide Revaluation

2014 "Interim" Revaluation
The last full physical revaluation was October 1, 2008

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 full physical 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 others.  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, 2014 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. The City of Torrington contracted with Municipal Valuation Services, LLC., of Fairfield Connecticut. The two (2) Project Manager/Supervisor/Reviewers have a combined 50 years experience in the field of appraising residential and complex commercial properties. The Marketing Director has over 30 years experience in the revaluation and assessment fields in the State of Connecticut.  All three are currently licensed with the State of Connecticut to conduct municipal revaluations.

What exactly is a revaluation?
A revaluation is an update of all real property values as of October 1, 2014.  It consists of appraising the value of the properties, both taxable and exempt, using recent sales, building costs and income and expense information of similar properties.  All residential, commercial, apartments, industrial, vacant land, churches, school buildings and all other real estate will be valued. Municipal Valuation Services, a Connecticut certified revaluation company will assist in the revaluation. The firm will analyze recent sales data over a period of time, review the calculated values, and meet with the public to answer questions about the methods utilized and the concluded assessments.

Only recent sales over a period of time will be physically inspected during the 2014 revaluation.  A careful inspection and analysis of recent sales helps identify and quantify the features that motivate buyers and sellers in the Torrington real estate market.  If you recently purchased your home the revaluation company will contact you to schedule an appointment for an inspection.  The inspection time varies according to the size and complexity of your home, but in most cases will only take ten (10) to twenty (20) minutes.  Each representative of the revaluation company will be properly identified.  You may also call the Assessor's Office and/or the Police Department to verify a representative's identity.

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 of recent sales.  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 estimates of currentmarket value.  These testing standards are required by State Statutes and the Office of Policy and Management.

The Assessor's Office will be directing all activities of the revaluation consultants, and will be overseeing quality control and valuation analyses.

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 for 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?
Certified revaluation specialists and the assessor 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 2013 through October 1, 2014 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?
The revaluation company will send out assessment notices in November, 2014.

What can I do, after I receive a notice,  and I disagree with my new assessed value?
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.   Your first appeal should be with the revaluation company when they hold 'informal hearings'.  At your informal hearing, revaluation staff will be available to explain the procedures used to value your property.  If you are not satisfied with your changed assessment, the Board of Assessment Appeals will be meeting in the Spring of 2015 to hear all appeals on the Grand List of 2014.  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, 2015 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 2015, it is not possible to estimate you new tax bill at this time.

Should you have any questions or concerns, please ALWAYS contact the Assessor's office at (860)489-2222.