November 1, 2021
It is always important to carefully review your tax bill and/or notices of assessments, but even more so in the year your city or town conducts a revaluation. If necessary, taking an appeal immediately after a revaluation maximizes a property owner’s potential tax savings.
Connecticut law requires that each municipality conduct a general revaluation of the real estate within its borders, at least once every five years. The purpose of a revaluation is for a municipality to determine the market value of real estate to be used to calculate property taxes.
Once a property’s value is set in a general revaluation, it remains constant over the entire five year cycle, absent appeal, demolition, improvements or expansion. Of course, the annual taxes usually increase, as a municipality’s mill rate increases incrementally from year to year. Municipalities across the State are on differing revaluation cycles.
The following is a list of Connecticut municipalities conducting revaluations this year:
Nick Vitti is a Real Estate Partner in Murtha Cullina’s Business & Finance Department. In addition to tax appeal and tax certiorari work, he regularly represents clients in the areas of commercial real estate and land use development.
If your municipality is conducting a general revaluation for the October 1, 2021 Grand List, you will receive a notice of tax assessment change soon, if you have not already received such a notice. Once the notices are issued, there may be a chance to meet informally with the assessor to discuss the new assessment, which should represent 70 percent of the fair market value of your real estate. However, if a property owner wishes to challenge the assessment formally, a written appeal must be filed with the local Board of Assessment Appeals by the February 20, 2022 statutory deadline.
For more information about revaluations, please contact Nicholas W. Vitti Jr. at 203.653.5435 or nvitti@murthalaw.com. In his next client alert, Nick will cover the steps a property owner should take when there has been a revaluation. Stay tuned!
real_estate_retail_2021_connecticut_real_estate_tax_update.pdf
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