[katskill]

Comparing Shelton to Orange or Trumbull hardly says much in terms of "backwoods"...a simple example...just think how far you have to drive just to get gas or a cup of coffee, most of Shelton (unless close to downtown), that would be many miles...for me personally, thats wilderness
Ofcourse its all perspective...backwoods may not be bad...as others pointed out, you do get more land for your money.
But if you want a more lively town, you should stay close to the coast....

[andthentherewere3]

Originally Posted by Stylo

Taxes are based on assessments by the town. Different towns assess properties in different manners, and each have their own methodology. Shelton's assessment is close to the "real" value of the home. Milford's assessment is not. I believe Milford is only assessing structure, not land. So a home worth $350,000 in Milford will be assessed a lot lower than a home worth $350,000 in Shelton. It more than makes up for the mill rate difference.

That's why a home that sold for $360,000 in Milford recently was assessed at $185,816, and a home that sold for $365,000 in Shelton assessed at $374,300. The Shelton home pays slightly more taxes, despite being the same value and having a lower mill rate. The Shelton resident will pay less on their automobile taxes.

See above. It's a simple concept. That $203,000 assessed Milford house is probably a $400,000 property.

What? Shelton's assessments are 70% of the market value as well. Lot size is also factored into the assessment in Milford. It's statewide.

cityofshelton.org - Assessor

Remember since the 2006 revaluation the real estate assessments have been 70% of 2006 market value, and have remained that way for the past five years until the 2011 revaluation.


OPM: Statutes Governing Property Assessment and Taxation

Real estate is all land and all improvements on or to land (such as buildings, fences, and paved driveways), as well as easements to use air space (Chapter 203 - Sec. 12-64).
With the exception of certain classified land, the assessment of each parcel of real property represents 70% of its estimated fair market value as of the date of a revaluation (Chapter 203 - Sec. 12-62, Sec. 12-62a and Sec. 12-63).

[Stylo]

Then how do you explain the disparity in assessed values vs. sold values?

Milford:

Sold for $365,000, assessed at $204,000. Or 56%.
http://www.zillow.com/homedetails/10...57951627_zpid/

Sold for $419,000, assessed at $182,000. Or 43%.
http://www.zillow.com/homedetails/86...57948512_zpid/

Sold for $575,000, assessed at $333,000. Or 57%
http://www.zillow.com/homedetails/31...57946840_zpid/

Sold for $1,130,000, assessed at $532,000. Or 47%.
http://www.zillow.com/homedetails/26...57939970_zpid/

Sold for $220,000, assessed at $141,000. Or 64%.
http://www.zillow.com/homedetails/30...57950050_zpid/

Shelton:

Sold for $270,000, assessed at $252,000. Or 93%.
http://www.zillow.com/homedetails/74...58823293_zpid/

Sold for $532,000, assessed at $505,000. 95%.
http://www.zillow.com/homedetails/44...59300297_zpid/

Sold for $450,000, assessed at $380,000. 84%.
http://www.zillow.com/homedetails/36...57354208_zpid/

Sold for $213,000, assessed at $190,000. 89%.
http://www.zillow.com/homedetails/96...57350187_zpid/

Sold for $700,000, assessed at $632,000. 90%
http://www.zillow.com/homedetails/86...72300674_zpid/

I picked these homes completely at random on Zillow. The information is public. I'm really curious as there's an obvious disparity/pattern, and both towns are using 2006 values.

On my home, my assessment is 54% what my home appraised/sold for in 2010. Obviously it would've been sold for significantly more in 2006.

http://www.ci.milford.ct.us/public_d...on/Revaluation

Furthermore, if you search public assessment data, the appraisals are in line with the recent selling prices:

http://data.visionappraisal.com/MilfordCT/search.asp

But the actual taxed assessment is closer to just "improvements" and not "land".

Edit: I'm seeing a similar phenomenon in Danbury. The townhouse I sold in early 2010 is only assessed at 43% of the price I sold it at.

[Ct_bow]

Originally Posted by Stylo

Then how do you explain the disparity in assessed values vs. sold values?

Milford:

Sold for $365,000, assessed at $204,000. Or 56%.
10 Chestnut Ln, Milford, CT 06461 - Zillow

Sold for $419,000, assessed at $182,000. Or 43%.
86 Pond Point Ave, Milford, CT 06460 - Zillow

Sold for $575,000, assessed at $333,000. Or 57%
31 Lafayette St, Milford, CT 06460 - Zillow

Sold for $1,130,000, assessed at $532,000. Or 47%.
268 Broadway, Milford, CT 06460 - Zillow

Sold for $220,000, assessed at $141,000. Or 64%.
30 Mary Ellen Dr, Milford, CT 06460 - Zillow

Shelton:

Sold for $270,000, assessed at $252,000. Or 93%.
74 Brownson Dr, Shelton, CT 06484 - Zillow

Sold for $532,000, assessed at $505,000. 95%.
44 Wesley Dr, Shelton, CT 06484 - Zillow

Sold for $450,000, assessed at $380,000. 84%.
363 Waverly Rd, Shelton, CT 06484 - Zillow

Sold for $213,000, assessed at $190,000. 89%.
96 West St, Shelton, CT 06484 - Zillow

Sold for $700,000, assessed at $632,000. 90%
86 Maler Ave, Shelton, CT 06484 - Zillow

I picked these homes completely at random on Zillow. The information is public. I'm really curious as there's an obvious disparity/pattern, and both towns are using 2006 values.

On my home, my assessment is 54% what my home appraised/sold for in 2010. Obviously it would've been sold for significantly more in 2006.

City of Milford, CT - Revaluation Q & A Document (on-line)

Furthermore, if you search public assessment data, the appraisals are in line with the recent selling prices:

Vision Appraisal Technology | Databases

But the actual taxed assessment is closer to just "improvements" and not "land".

Edit: I'm seeing a similar phenomenon in Danbury. The townhouse I sold in early 2010 is only assessed at 43% of the price I sold it at.

What a house sells for and what it is appraised at are two different things. Let's say a house for sale is appraised at $400k but only sells for $300k, your tax assessment will be based on the appraisal value of $400k. Not what it sold for. You need to know what those houses were appraised at, not what they sold for, to make a fair comparison.

[JayCT]

Originally Posted by katskill

Comparing Shelton to Orange or Trumbull hardly says much in terms of "backwoods"...a simple example...just think how far you have to drive just to get gas or a cup of coffee, most of Shelton (unless close to downtown), that would be many miles...for me personally, thats wilderness
Ofcourse its all perspective...backwoods may not be bad...as others pointed out, you do get more land for your money.
But if you want a more lively town, you should stay close to the coast....

Noy true. There are plenty of places to shop and get a cup of coffee in Shelton outside of downtown. Bridgeport Avenue and Huntington Center have places, so you are for the most part not far from things. Certainlly no further than you could be in coastal towns like Milford. Jay

[Stylo]

Originally Posted by Ct_bow

What a house sells for and what it is appraised at are two different things. Let's say a house for sale is appraised at $400k but only sells for $300k, your tax assessment will be based on the appraisal value of $400k. Not what it sold for. You need to know what those houses were appraised at, not what they sold for, to make a fair comparison.

I just looked up public assessment data for my home and it's $20,000 more than what I bought it for. But I pay taxes based on a figure that's 50% of that.

[kidyankee764]

Originally Posted by Stylo

I just looked up public assessment data for my home and it's $20,000 more than what I bought it for. But I pay taxes based on a figure that's 50% of that.

I just looked on Zillow and there are PLENTY of homes in both Milford and Shelton that are opposite of what you presented. Going back to the homes I randomly posted, they are both for sale for 300k. The Shelton home is assessed at a higher value than the Milford home, yet the Milford home has higher taxes. Sale/assessed are completely different things.

[kidyankee764]

Originally Posted by katskill

Comparing Shelton to Orange or Trumbull hardly says much in terms of "backwoods"...a simple example...just think how far you have to drive just to get gas or a cup of coffee, most of Shelton (unless close to downtown), that would be many miles...for me personally, thats wilderness
Ofcourse its all perspective...backwoods may not be bad...as others pointed out, you do get more land for your money.
But if you want a more lively town, you should stay close to the coast....

You have no idea what you're talking about. Most of Shelton is very convenient to shopping and gas stations. Similarly there are parts of Trumbull that are not.

[andthentherewere3]

Originally Posted by Stylo

Then how do you explain the disparity in assessed values vs. sold values?

There are two homes in my neighborhood that parents sold to their adult children the past year for a price much lower than their actual worth. And bank-owned homes often sell for less than what the home is worth. There are all sorts of situations where homes are sold for less than their value, you cannot look at home sales as the guideline for a home's true value. Taxes are based on the assessment.

[Ct_bow]

I don't know why this is so hard to understand. The mill rate in Shelton is a little over 18, Milford is over 28. A 'mill' is $1 for every $1,000. So in Shelton you will pay $18 for every $1,000, in Milford you will pay $28.

With that being said, in Ct most towns only tax property based on 70% of the FAIR MARKET VALUE. Not what a home is sold for. An example would be if you sold your house to your son or daughter for $1.00 would your property taxes be calculated on a $1.00 house or what the house is actually worth (the fair market value)? They use several factors to determine the fair market value but primarily they do a comparison of similar homes in a particular area/neighborhood. Shelton taxes 70% of the fair market value. I assume Milford does also.

So, if the fair market value of your house is $100,000 your property taxes for that house in Shelton would be $1,260. In Milford your taxes would be $1,960.