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In Connecticut, every municipality is required by law to conduct a general revaluation of all real estate at least every five years. This can mean that the appraised value and resulting tax bill of each home can change for the following 5-year reevaluation cycle. So it's important that homeowners understand how Connecticut handles revaluations. Let’s walk through the process and what to expect.
What is Property Revaluation?
Revaluation is the systematic process of determining the current fair market value of all properties within a municipality. This updated valuation serves as the basis for calculating property taxes, ensuring each property owner pays their fair share.
Connecticut General Statutes §12-62 mandates revaluations to maintain equity in property tax assessments. By updating property values regularly, the law helps distribute the tax burden more accurately, reflecting changes in the real estate market.
Some towns in the greater Greenwich area, including Greenwich and Westport, will conduct revaluations in 2025. Stamford and Wilton are scheduled to conduct their next revaluations in 2027, while New Canaan, Norwalk, and Darien will do theirs in 2028.
The Process of Revaluation
Municipalities gather information about each property, including physical characteristics, size, and use to assess the value of each property. Assessors will then assign a fair market value to each property, after which assessors will verify their accuracy through additional inspections and analysis.
Property owners can expect to receive a notification in the mail of their assessment. The notification will provide the new assessed value, but it does not necessarily include the prior assessed value. Property owners may need to check past records for comparison.
At this time, property owners with questions about the revaluation process, the data collected on their property or their valuation will have an opportunity to contact the municipality for more information.
Tax Impact of Reevaluation
The purpose of reevaluations is not to raise or lower taxes but to recalibrate and redistribute the tax burden based on updated property values. Revaluations do not inherently raise or lower a town's total tax revenue. However, they can lead to individual tax increases or decreases, depending on how a property’s new valuation compares to others in the municipality.
This means that homeowners could see their property assessments rise or drop depending on market trends and analysis
The assessed value (which is 70% of the appraised value) is used to determine property taxes, along with the municipality's mill rate, which is adjusted after revaluations to ensure towns collect the needed tax revenue. Learn more about how property taxes are calculated in Connecticut here.
Connecticut homeowners should keep in mind that the state’s real estate market has experienced fluctuations in recent years, including increased values in suburban areas. Staying informed about local market trends and conditions can help homeowners anticipate potential changes in their assessments.
Steps to take after the revaluation
Upon receiving notice about the new evaluation, homeowners should carefully review it for accuracy. If you believe your assessment is incorrect, familiarize yourself with the appeals process. Many municipalities offer informal hearings where homeowners can discuss their assessment before filing a formal appeal with the Board of Assessment Appeals. You can learn more about how to appeal your property assessment here.
Conclusion
Revaluations ensure that property taxes remain equitable by aligning assessments with market conditions. For municipalities, accurate assessments are essential for funding public services like schools, infrastructure, and public safety. For homeowners, staying informed and proactive during revaluation periods can help ensure a fair and accurate assessment.
Need an attorney for your real estate closing?
Attorney Charlene Pederson has been guiding Connecticut clients through residential real estate transactions for more than 30 years. If you need an experienced attorney to represent you in your next closing, contact her directly today at charlene@pedersonlawct.com or 203-900-4371. We proudly serve the greater Greenwich, CT area, including Stamford, Darien, New Canaan, Westport, Norwalk, and Wilton.
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