Appraised value vs assessed value
The appraised value is the amount the town perceives your home is worth in today’s market, and the assessed value is 70% of the appraised value. Tax amounts are determined as a result of our assessed value and the town’s mill rate. The mill rate is not set for 2026 yet.
Does this mean my taxes will go up drastically?
The mill rate is not determined yet for many towns but will be once the town’s grand list and budgets are determined. There is speculation that as a result of the home appraised values increasing, the mill rates should drop. Will your taxes increase? Likely, but they should not double like some home values have.
What do I do?
Review your revaluation notice for accuracy. Does it reflect the right square footage, bedrooms, bathrooms, and home features? Call the town (or us!) to see what the average appreciated value is in your town and if your home appreciated at a higher percentage. It might be worth appealing your evaluation.
Fairfield residents:
The town’s tax assessor website has provided a lot of information about the assessment process, how you can appeal, timelines, and much more. This should be available for every town in Connecticut. This Patch.com article about Stratford’s revaluation process is also interesting.
Free resources:
www.VSGI.com/connecticut-online-database is a great website to see appraisal and assessment numbers.
The local housing data search on Raveis.com can give you insight into median sale price, inventory, average days on market, and other property stats.
Who can I contact?
The appeal process takes place during the month of February. You can contact the revaluation company on your notice for an initial review, along with the Town Tax Assessor and the Towns Board of Assessment Appeals.
Reach out to us if you are looking to appeal your valuation and need help with comparable homes to present to the town.