2008 Revaluation Update Project Press Release
The Assessor’s Office is charged with many functions in addition to the discovery, listing and equitable valuation of real estate and personal property in accordance with applicable assessment law and the uniform standards of professional appraisal practice. Some of these additional charges are; applying numerous types of exemptions including veterans; PA 490 which includes Farm, Forest and Open Space and overseeing the administration of both the Elderly Homeowners & Renters programs which have income, age & disability guidelines.
Revaluation of real estate is required every five years pursuant to Connecticut General Statute Sec 12-62. The next revaluation is scheduled for October 1, 2008.
The Grand List represents the total assessed values for all taxable real, personal property and motor vehicles located within the Town on October 1st each year. Assessments for real property are computed at 70% of market value at the time of the last revaluation while assessments for motor vehicles and personal property are calculated each Oct 1st using the depreciated value times 70% which is the assessment ratio.
All commercial personal property, including small home businesses and unregistered vehicles, must be declared to the assessor by November 1st annually. The businesses are subject to site inspections and audits periodically. Omitted or under declared property is subject to estimate and penalty.
When a new structure is built or an existing structure is modified, the Assessor receives a copy of the building permit. Changes are inspected, classified and valued based on a schedule of values developed at the time of the last revaluation. New construction completed after the Oct 1st assessment is prorated from the date the Building Official issues the certificate of Occupancy or when the structure is occupied.
Motor Vehicle Lists
Motor vehicle lists are furnished to the Town by the Department of Motor Vehicles. Assessments on motor vehicles are established by the Assessor using price schedules recommended by the Office of Policy and Management.
For the present Grand List, OPM recommended using the October issue of the National Automobile Dealers Association Guide (NADA). Section 12-71b of the Connecticut General Statutes provides that motor vehicles which are registered with the Commissioner of Motor Vehicles after the October 1st assessment date but before the next July 1st are subject to a property tax as if the motor vehicle had been included in the October Grand List. The assessment is prorated, and the pro-ration is based on the number of months of ownership between October 1st and the following September 30th. The tax is not due until January, a year and 3 months after the Grand List date. If the motor vehicle replaces a motor vehicle that was assessed on the October 1st Grand List, the taxpayer is entitled to certain credit. Motor Vehicles purchased in August and September are not assessed until the following October 1st. Assessments for motor vehicles represent 70% of the average retail value, without adjustment for low or high mileage or condition.
Other Services
The Assessor’s Office maintains records of property ownership, lot size & building details, lot maps and gross and net assessments including personal exemptions. In regard to motor vehicles, ownership, make year & models are maintained in addition to records of Personal Property ownership & assessments. When doing property research, this office in a good place to start.
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