Is The Town's Tax Assessment of Your Property an Accurate Indicator of Value?

Most people know that the property tax on their home is determined by its assessment. In Connecticut, your property assessment is equal to 70 percent of its appraised value at the time of valuation. So, if your home is valued at $1,000,000, your assessment (or the amount that you would pay taxes on) would be $700,000.

In Connecticut, it is mandated that towns review your property's value every five years. Sometimes the appraisal company will ask to gain access into your home, other times, and most often, they do not request an interior inspection.

The reason for the five year revaluation process is a constantly fluctuating real estate market. Years ago, the state mandated revaluations were every ten years. Each home was valued, and every commercial building was valued, or assessed. During the course of only a few years, the percentages of what is fair to tax homeowners, businesses, and commercial enterprises changed significantly, and one or more of the three different subsets could be paying much more, or much less, than their appropriate fair share.

So the short answer as to whether the town's official appraisal on your home is accurate depends on exactly when it was done. If you are one, two or three years out from the last "official" appraisal, then do not rely on that number for current market value.  Your agent (that would be me) can compare your home to more recent comparables that would be more indicative of your home's true value.

Buying or Selling a Home in Fairfield County? We'd be honored to represent you.

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www.CThomesAndRealEstate.com

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy