Connecticut’s Revaluation Tango

Our Semi-Rational System of Property Taxation

Presented by:Elliott B. Pollack, Esq.

The mass appraisal of all property within an assessment jurisdiction to equalize (and to update) assessed values. Dictionary Real Estate Appraisal (3rd Edition).

Definition: Revaluation

October 1(Tax payment dates are July 1 and

January 1 of the following years)

Assessment Date

100% / 70%

Market Value / Assessed Value

a. Was 10 years - honored as much in the breach as in the observance

b. As of 1997: Reduced to a “statistical” update every 4 years with a “physical” revaluation every 12 years

Revaluation Cycle

c. The apple cart was upset in 2004!

• 2003, 2004 and 2005 revaluations could be deferred until 2006

• revaluation schedule extended to five years

Revaluation Cycle (continued)

• Unfair assessments

• Valuation shifts

• Failure to equalize

• Administrative problems

Problems With Revaluation Deferral

• The more frequently revaluations are conducted, the greater assessment equity is achieved.

• The more frequently revaluations are conducted, the less impact there will be from valuation shifts.

Take Aways

• Volatile real estate markets can create great inequities among different classes of property.

• Better publicity and education is required so that assessment increases are not automatically equated to radical tax increases. • Tax reform !?!

Take Aways (continued)

Bridgeport

Hartford

New Haven

Stamford

Westport

www.pullcom.com

Elliott B. Pollack, Esq.Pullman & Comley, LLC90 State House Square

Hartford, CT 06103860-424-4340

ebpollack@pullcom.com