U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Connecticut
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-22-2013, 11:19 AM
 
4,787 posts, read 8,777,159 times
Reputation: 12592

Advertisements

The appraised value on a property as noted on town tax bill/ assessor's field card, etc. is based upon value at the time of the last town/city revaluation.

Norwich's last revaluation was in 2008. For the most part, home values have dropped since then. Those figures you see as appraised value as noted by the town/city are meaningless in today's market.

Also, an appraised value done by a valuation company for what is known as "ad valorum" tax purposes is a mass appraisal and is very different than the appraisal one has done for an individual property.

If you want to know what a home is worth today, then you need a current private appraisal done on it. It's just an exercise in futility to try to take a 2008 figure and try to apply to it today's market. It simply doesn't reflect today's market and we shouldn't expect it to. 2013 will see a new revaluation done by the city.
Reply With Quote Quick reply to this message

 
Old 02-22-2013, 03:39 PM
 
Location: Connecticut
24,625 posts, read 40,208,466 times
Reputation: 6984
Quote:
Originally Posted by Snowball7 View Post
There are houses for sale in Norwich for less than half
their appraised value. Some far less. For example I am
considering one that is not even a real fixer upper for
35% its appraised value, i looked at the tax bill as paid
from the city website, at 31.1 rate. It comes out to
8.65% per year tax if the amount paid is the "for sale" price.
I realize most cities and towns overinflate the assessed values.
(especially the ones with high costs for services)
Put it this way I thought our tax rate here in Cranston
was horrible, and it is at 24, that's quite a jump to 31
and it's something I have to consider if I want to own
in Norwich.. because over time it adds up especially if
I own the house for 5+ years. For example a $1600 difference
in taxes for similar properties equates to $8,000 less profit
in a 5 yr period.
You cannot really just compare tax rates. You need to look at the actual tax you need to pay on a property. Some homes are appraised lower so their taxes are not as high even though the mill rate is. Also note, we do not pay any county level taxes here in Connecticut. I am not sure if that is true in RI but other states it is. You really need to look at the bottom line to make a true comparison. Jay
Reply With Quote Quick reply to this message
 
Old 02-22-2013, 04:31 PM
 
9,985 posts, read 6,396,887 times
Reputation: 5594
Quote:
Originally Posted by JayCT View Post
You cannot really just compare tax rates. You need to look at the actual tax you need to pay on a property. Some homes are appraised lower so their taxes are not as high even though the mill rate is. Also note, we do not pay any county level taxes here in Connecticut. I am not sure if that is true in RI but other states it is. You really need to look at the bottom line to make a true comparison. Jay
Absolutely, and I did check it out. I saw the actual tax bill.
RI has no county level taxes, and like CT, cities and towns vary on
the percentage of assessed value which is actually taxed.
Reply With Quote Quick reply to this message
 
Old 02-22-2013, 07:13 PM
 
4,787 posts, read 8,777,159 times
Reputation: 12592
In CT, taxes are levied on 70% of value in all towns. It does not vary from town to town.
Reply With Quote Quick reply to this message
 
Old 02-23-2013, 08:58 PM
 
Location: Mystic
6 posts, read 7,469 times
Reputation: 10
Back to the original question. The people in SE CT are generally nice down to earth people. Like anywhere you will find various types but overall people are friendly. There is a lot of nice country type areas i.e preston, ledyard, north stonington.

The casinos have diversified the population over the past 15 years. The rentals in the 10 mile radius of the casinos have doubled simply from the enormous demand.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Connecticut
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top