Now is the Time to Appeal Your Property Assessment

It’s that time again,.... local property tax assessments. Many communities saw a decrease in property values, which will mean, in many cases, an increase in the mill rate.

Connecticut assesses property, for property tax purposes, at 70% of fair market value, as determined by the tax assessor. By way of example, if the tax assessor determines that your property has a fair market value of $250,000.00 the assessment for property taxes would be $175,000.00 ($250,000.00 x 70%). The mil rate, which is set by the local legislative body, would then be applied to the assessed value, in this example $175,000.00. Assuming the mil rate is 30 mils, the property assessed at $175,000.00 would pay an annual real property tax of $5,250.00 ($175,000.00 x .030).

If you believe that your assessment is too high, you have certain rights, but, you must follow strict time frames.  The local tax assessor must certified the municipality’s grand list to the State of Connecticut by January 31, 2015. If you wish to appeal your assessment, you may do so by filing with the local Board of Assessment Appeals, (BAA) an appeal not later than February 20, 2015. You must file the appeal on a form prescribed by the tax assessor. This form is available on most town websites at the tax assessor’s page, or by going to the tax assessor’s office.

At the appeal hearing, you will meet with a member of the Board of Assessment Appeal, this is a resident of your town, who has been appointed by the local legislative body, ie Town Council, Board of Aldermen, RTM, etc, to sit on the BAA and hear appeals. This person may (and usually does not) have any background in the area of property valuation.

In order to make a cogent case as to why you believe the valuation given to your property is incorrect, you will need to tell the BAA member more than, I think it is too high.  Look for property sales in your neighborhood, you can check websites, such as  Zillow.com or realtor.com to find comparable values. In addition, must town’s assessment records are online at the tax assessor’s page of the town’s website.  Look at your neighbor’s assessments. Do they have more or less square footage than your house, more or fewer bathrooms or bedrooms? Finished vs unfinished basements, acreage, wetlands, etc all go into determining value.  The best piece of information you can have, but will cost you, is a property appraiser done by a certified appraiser. I would not recommend this unless you believe the savings in annual taxes for the first year would more than outweigh the cost of the appraisal.

Once you have the information, being cognizant of your hearing date, go to the hearing prepared. Please be respectful of the member you meeting with, he or she hears a lot of appeals and many people do not treat their neighbors, who are serving the town, nicely. Remember, this person did not set your valuation, they are only there to determine if, with the evidence presented in a short time frame, they agree with you that the assessment should be reduced.  You will not get a decision before you leave, as the entire membership of the BAA must vote on the recommendation of the member who heard your appeal. You will be notified by mail as to the outcome.

If you still think that your assessment is still too high after your hearing, you have the right to appeal the decision of the BAA to Superior Court.

Article courtesy of Benjamin S. Proto, Attorney at Law

If you have any questions regarding this process, please feel free to email  Fairfield County Real Estate Attorney Ben Proto at ben@protolawfirm.com.  Call him at (203) 378-9595 or find Ben online at  www.protolawfirm.com

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Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

2014-2015 Mill Rates for Fairfield County and Southwestern CT

Property taxes are subject to change each year as of July 1st. 

All Connecticut towns prepare a budget for the year and set a new mill rate for property owners to pay for that budget. If you look at the record of your property as it exists in Town Hall, you will see that your property is appraised at one value, and assessed at another value.

Your new property taxes are determined by multiplying the mill rate by the assessment, which is 70 percent of the appraised value.

Do you love your town? So do we. Please  click on the "F" facebook logo next to your favorite town(s) and give it a "Like".

Just click on the Facebook    to give that town a like on Facebook, or click on the town name for the town's history, biography, stats and demographics. There is also a place to "Like" that town on Facebook there as well, and our Facebook Town pages feature MLS access, local news, our blog posts, as well as up to the minute real estate news.

We have obtained the 2014-2014 mill rates for the following towns that we service: 

... in Fairfield County

   Darien ......................15.01 mills
   Easton ......................29.9 mills
   Fairfield........24.40 mills
   Greenwich *No Sewers..............10.969 mills
        Greenwich  *With Sewers..............11.624 mills
  Monroe..............31.01 mills

  New Canaan............15.542 mills  (with sewers 16.103 mills)
  Newtown ..........33.31 mills (decreased)
       Newtown (additional tax for Borough residents).......00.89 mills
  Norwalk Districts 1,2,3 *With Garbage.............25.041 mills
       Norwalk Districts 1,2,3 *No Garbage..........24.269 mills

       Norwalk District 4 *With Garbage......25.1 mills

       Norwalk District 4 *No Garbage...24.328 mills  (unchanged)

       Norwalk District 5 *Services Only......21.425 mills (decreased)   

       Norwalk District 6 *Services Only.......20.157 mills

  Redding...............28.91 mills (decreased)
  Shelton.........22.31 mills  (unchanged)

  Southport ........24.40 mills
  Stratford.........35.63 mills
  Trumbull........  32.161 mills
  Weston.........28.24 mills
  Westport.........17.94 mills (decreased)

  Wilton.........26.5131 mills

and New Haven County

  Milford........27.22 mills

Please note, if you do not have a mortgage, or your bank does not collect property taxes, they are payable on a semi-annual basis for each town listed above, with the exceptions of Fairfield, Trumbull and Westport, where they are paid quarterly.

2013-2014 Mill Rates for Fairfield County and Southwestern CT Change as of 7/1/13

Property taxes are subject to change each year as of July 1st. 

All Connecticut towns prepare a budget for the year and set a new mill rate for property owners to pay for that budget. If you look at the record of your property as it exists in Town Hall, you will see that your property is appraised at one value, and assessed at another value. Your new property taxes are determined by multiplying the mill rate by the assessment, which is 70 percent of the appraised value.

Do you love your town? So do we. Please  click on the "F" facebook logo next to your favorite town(s) and give it a "Like".

Just click on the Facebook    to give that town a like on Facebook, or click on the town name for the town's history, biography, stats and demographics. There is also a place to "Like" that town on Facebook there as well, and our Facebook Town pages feature MLS access, local news, our blog posts, as well as up to the minute real estate news.

We have obtained the 2013-2014 mill rates for the following towns that we service: 

... in Fairfield County

   Darien ......................13.17 mills
   Easton ......................29.3 mills
   Fairfield........23.93 mills
   Greenwich *No Sewers..............10.675 mills
        Greenwich  *With Sewers..............11.311 mills
  Monroe..............30.41 mills

  New Canaan............14.586 mills  (with sewers 15.219 mills)
  Newtown ..........33.32 mills
       Newtown (additional tax for Borough residents).......00.89 mills
  Norwalk Districts 1,2,3 *With Garbage.............22.142 mills
       Norwalk Districts 1,2,3 *No Garbage..........21.636 mills

       Norwalk District 4 *With Garbage......22.187 mills

       Norwalk District 4 *No Garbage...21.681 mills    

       Norwalk District 5 *Services Only......21.682 mills     

       Norwalk District 6 *Services Only.......20.157 mills

  Redding...............28.95 mills
  Shelton.........22.31 mills 

  Southport ........23.93 mills
  Stratford.........34.64 mills
  Trumbull........  31.286 mills
  Weston.........23.89 mills
  Westport.........18.07 mills

  Wilton.........25.9896 mills

and New Haven County

  Ansonia.............39.34 mills
  Derby.........35.34 mills
  Milford........26.28 mills
  Oxford..............24.75 mills
  Seymour...........33.23 mills

Please note, if you do not have a mortgage, or your bank does not collect property taxes, they are payable on a semi-annual basis for each town listed above, with the exceptions of Fairfield, Trumbull and Westport, where they are paid quarterly.

NOTE: Compare Last Year's Mill Rates (2012-2013) HERE

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1,349,900. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

The 3.8 Percent Medicare Tax Beginning 1/1/2013 is NOT on All Property Sales.

Despite what you may have read, this tax is NOT on all real estate sales. The criteria for the tax does not, or will not  affect every homeowner across the board.

First, this tax is not aimed at homebuyers. The new 3.8 percent "Medicare tax" is on unearned income, and translates to an additional tax for homesellers only , and  further,  only under the following circumstances:

The new tax applies only to:

• Single taxpayers with a modified adjusted gross income (MAGI) in excess of $200,000 ,and

• Married taxpayers with a MAGI in excess of $250,000 if filing a joint return, or $125,000 if filing a separate return.

These taxpayers  pay the tax on their gain from the sale of their primary residence, but only on the amount of gain that exceeds the  $250,000 thresholds  for single taxpayers, and  $500,000 for joint tax returns.  

The tax is equal to 3.8% of the lesser of the taxpayers’ “net investment income” or the amount by which their MAGI exceeds their respected  threshold. Note the following example, offered by Realtor.org-

"John and Mary sold their principal residence and realized a gain of $525,000.
Th ey have $325,000 Adjusted Gross Income (before adding taxable gain).
Th e tax applies as follows:
AGI Before Taxable Gain $325,000
Gain on Sale of Residence $525,000
Taxable Gain (Added to AGI) $25,000 ($525,000 – $500,000)
New AGI $350,000 ($325,000 + $25,000 taxable gain)
Excess of AGI over $250,000 $100,000 ($350,000 – $250,000)
Lesser Amount (Taxable) $25,000 (Taxable gain)
Tax Due $950 ($25,000 x 0.038)

If John and Mary had a gain of less than $500,000 on the sale of their residence,
none of that gain would be subject to the 3.8% tax. Whether they paid the 3.8% tax
would depend on the other components of their $325,000 AGI."

If you have any questions about this tax, and whether it applies to you, please consult your accountant.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

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

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Did You Buy or Sell a Home in 2011? Remember Your HUD-1 When Filing Your Taxes

When you buy or sell a home, you will receive in HUD-1 Statement in your closing documents. There are a variety of fees associated with your closing that you can write off on your income tax.

If you cannot find the statement, call the attorney who handled your closing. He/she will have that on file. It is important that you contact your accountant or professional tax preparer to take advantage of these write-offs.

Click Here for a detailed article describing your HUD-1 settlement statement


and here for possible write-offs.

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.