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