Revaluation Frequently Asked Questions
Carol Ann Tyler, Town Assessor announced that work has started on the Town’s 2010 reassessment. The Town has hired Municipal Valuation Services, LLC to assist in completing the revaluation of all real property with respect to the October 1, 2010 Grand List. Connecticut state law now requires municipalities to revalue all real property once every five (5) years, one being a full physical in every ten (10) years.
Municipal Valuation Services will be measuring and conducting an inspection of selected buildings within the Town, that have not been visited by the assessor or a staff member since the 2005 revaluation. Some properties may be visited again if it appears the assessor’s property information is incorrect. In addition, it is very important to have the most complete and accurate information concerning the parcels.
Municipal Valuation Services data collectors and appraisal personnel will carry identification cards. All Municipal Valuation Services staff when visiting any property will carry a picture ID Anyone with questions or concerns can call the East Hampton Assessor’s office AT 860-267-2510. Municipal Valuation Services personnel are registered with The East Hampton Police Department.
Ms. Tyler stressed the importance of maintaining assessments at the state mandated level of 70% of market value. Over time, as market values change, assessments no longer will be equal to the 70% standard.
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 complete 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 other. Therefore, the State of Connecticut, pursuant to Section 12-62 of the General Statutes, requires that the Town of East Hampton conduct this revaluation for the Grand List of October 1, 2010 and further requires that the Town perform assessment updates every five (5) years thereafter. Revaluation returns all properties to 100% current market value by using a fair and equitable basis. Assessments will be 70% of this value.
For those properties that have not been visited since the last revaluation, we must, by State statute, do a complete physical inspection of the property.
What comprises a revaluation?
The process of compiling a complete inventory of each property in the Town, 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. 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 East Hampton real estate market.
This analysis results in the creation of schedules which will then be used to value all of the property in the Town of East Hampton.
These schedules are then statistically tested to verify their ability to accurately and equitably predict estimates of current market value.
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 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?
People 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 2008 through October 1, 2010 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, 2010.
After I receive my notice in November of 2010, what can I do if I disagree wit 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. At your hearing, revaluation staff will be available to explain the procedures used to value your property. If you are not satisfied with the results of that hearing, the Board of Assessment Appeals will be meeting in the Spring of 2011 to hear all appeals on the Grand List of 2010. 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, 2011 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 2011, it is not possible to estimate your new tax bill at this time.
Should you have any questions or concerns, please contact the Assessor’s office at (860) 267-2510