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Old 07-19-2016, 11:01 AM
 
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Quote:
Originally Posted by RunD1987 View Post
State Income Tax Rate: 5%

Property Tax on home: 61% or 62%

Sales Tax: 6.35%

Waterbury, Connecticut

When you reference a 60% Property Tax rate, what is the rate applied to? Market value?
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Old 07-19-2016, 11:09 AM
 
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Quote:
Originally Posted by Vlajos View Post
When you reference a 60% Property Tax rate, what is the rate applied to? Market value?
It's a mill rate to property value. I rent thankfully nut family who live in my city own can't stand it.


Description
A mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.
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Old 07-19-2016, 01:02 PM
 
10,558 posts, read 13,127,017 times
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Quote:
Originally Posted by RunD1987 View Post
It's a mill rate to property value. I rent thankfully nut family who live in my city own can't stand it.


Description
A mill is equal to $1.00 of tax for each $1,000 of assessment. To calculate the property tax, multiply the assessment of the property by the mill rate and divide by 1,000. For example, a property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $1,000 per year.
How about in terms of market value? Say your home is worth $500,000 (meaning you could sell it for that price), what would you pay annually as a percentage of value?
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Old 07-19-2016, 10:09 PM
 
8,819 posts, read 4,728,865 times
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Quote:
Originally Posted by Vlajos View Post
How about in terms of market value? Say your home is worth $500,000 (meaning you could sell it for that price), what would you pay annually as a percentage of value?
From one of the towns in my State:
What is my assessment?
Your assessment is the value of your property at 70% of its fair market value at the time of revaluation.

What is fair market value?
Fair market value is the price for a property that would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It is the highest price a property would sell for if it were on the open market for a reasonable period of time.

How does the assessor value my property?
There are several factors assessors take into consideration when valuing a property and a couple different approaches. The most used approach is the sales approach. The sales approach entails comparing the specific property to similar properties that have sold recently. Important considerations are location, size, condition, quality, and time of sale.

When will the assessor come view my newly constructed house?
Once your new construction is complete and you have scheduled for a certificate of occupancy from the building department, the assessor will seek an appointment to view and measure your house.

Is the purpose of a revaluation to increase taxes?
No, the purpose of a revaluation is to make all assessments in town fair and equitable in relation to each other, based on current market trends. The result may be an increase in property values but that does not necessarily transfer over to an increase in the town tax rate.

What else does the assessor do?
The assessor maintains current data on each parcel in their respective town, including ownership information, maps of parcel boundaries, inventories of land structures, property characteristics. They also handle certain exemption programs. They analyze and keep current information on trends in sales prices, construction costs and rents to estimate the value of all property.

What are my rights and responsibilities as a property owner?
It is the assessorís job and intent to maintain the most equitable values possible on all properties. You can help yourself and the assessor in making sure that the assessorís office has the most accurate data for your property. If you feel that there is something wrong with your assessment contact the assessorís office to set up an appointment to discuss it. If no agreement can be made and you still feel that there is something wrong with your assessment, your next recourse is the Board of Assessment Appeals which meets in March for real estate and personal property and in September for motor vehicles. The assessor will instruct you as to the proper procedure to follow to set up a meeting with them. Try to remember the limits of the assessorís job responsibilities. If you think your assessment is too high, then the assessorís office is the right place to go. If you think your tax rate is too high, you should speak with your elected officials and those that make the budget.
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