[RA73]

Hi,

I purchased new construction, single family residential, in Stamford in Q4 2010. A couple of months back I received a notice from the tax office advising me that my property taxes had been increased due to phase-in of the 2007 re-valuation. Now, I hear that Stamford will be conducting ANOTHER re-valuation for the October 2012 Grand List. Putting aside for the moment that the present Grand List assessment on my home is approximately 30% over the appraised value at closing, how can the City now have a SECOND revaluation? Is the practical effect that the city will lower assessments but increase residential mill rates? It's pretty clear that residential values in the City/suburbs are anywhere from 25-35% lower than in the boom years.

As an aside, I intend to appeal the '07 valuation next March, which is the first stautory opportunity. I know how those proceedings typically go but the fact that the appraisal vs valuation is so egregiously out of whack.....

[AmyBergquist]

State law requires towns to revalue every 5 years. Some towns did a "phase-in" of the most recent revaluation because values (and subsequently taxes) jumped so much based on the heated real estate market. I would expect future revaluations to show lower property values but we can't really expect taxes to lower because expenses won't be going down, so mill rates will most likely just increase.

[Stylo]

My town conveniently uses 2006 property values at the moment.

[Konig1985]

Originally Posted by AmyBergquist

State law requires towns to revalue every 5 years. Some towns did a "phase-in" of the most recent revaluation because values (and subsequently taxes) jumped so much based on the heated real estate market. I would expect future revaluations to show lower property values but we can't really expect taxes to lower because expenses won't be going down, so mill rates will most likely just increase.

I saw most Westport homes got taxes reduced after their latest evaluation.

[Tin Knocker]

Originally Posted by AmyBergquist

State law requires towns to revalue every 5 years. Some towns did a "phase-in" of the most recent revaluation because values (and subsequently taxes) jumped so much based on the heated real estate market. I would expect future revaluations to show lower property values but we can't really expect taxes to lower because expenses won't be going down, so mill rates will most likely just increase.

Why cant expenses go down? Because we accept that they cant, weird world we have let this turn into when the people we pay tell us what we need to spend.

[JayCT]

Originally Posted by Tin Knocker

Why cant expenses go down? Because we accept that they cant, weird world we have let this turn into when the people we pay tell us what we need to spend.

No, it is because people do not want to give up services. You may htink that things like schools and libraries can be cut but others do not agree. Jay