[parentologist]

Originally Posted by GustaveH

Here's another question on real estate: Suppose we find a place that we buy for a lot less than it sold for a few years ago (seem to be seeing a lot of those listings), but the property tax assessment is still based on those previous high valuations. Is it possible to petition the town to lower the assessment based on the fact that it actually sold for a lot less?

You have to make the case that the property was over-assessed at the time that the assessment was done. For instance, let's say that the assessment was done in 2015. You have to look at similar properties (style, year built, quality, size, lot size, neighborhood, etc.) and prove that YOUR house was over valued on that date, compared to the valuation placed on similar properties on that date.

If you buy it now at a low price, you can use that for an argument for a reduction at the next town-wide revaluation.

[Stepfordct]

The reality is most houses are worth less in a given area. Next assessment they lower valuations perhaps but have to raise the mill rate.

[SteveM85]

Ah, the age old question.
Good luck with that.
I remember an old meme, maybe CTArtist can find and post it. It showed different pics of how folks viewed your home.
Long story short. Potential buyers view was a pic of a dirty shack, final viewpoint was the Town Tax Assessor showing a pic of a sprawling mansion with a pool and tennis court.