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Do I understand correctly: mil rate in Farmington is 25.24. Assessed value is 70 % of fair market value. So if you buy a $500,000 house, your assessed value is $350,000 and therefore your yearly property taxes are $8,834.
That would be correct, but just because the house costs that much, doesn't mean that is what the town has it appraised at. could be more than $350,000 or less than..all that information is public so its only a phone call away to the town hall, but many municpalities have this information online
Sounds correct, but a lot depends on when the property was last assessed. Could be more or it could be less. Sometimes older homes get assessed less because of their age. Usually the real estate ads will give you the taxes. Here in CT we do not reassess everytime a home is sold. Some states do this, but we don't. Jay
One more question. If you buy a house where the taxes are artificially low relative to the tax formula, how quickly (how many years will it take) before you can expect property taxes to increase to the formula rate?
Reason I am asking is that I am seeing a lot of properties where the current stated tax levels appear to be half of what you would expect given asking prices.
AFAIK, there's a state law that mandates a property reassessment at least every ten years. It may be able to be done more frequently, but I'm not sure that anywhere in CT does due to costs. The mill rates are usually just increased in the interim.
One more question. If you buy a house where the taxes are artificially low relative to the tax formula, how quickly (how many years will it take) before you can expect property taxes to increase to the formula rate?
Reason I am asking is that I am seeing a lot of properties where the current stated tax levels appear to be half of what you would expect given asking prices.
Thanks again for any insights.
It's a real sketchy scenario IMO. It's the way our politicians ended up back dooring each other. One side would raise a tax, the other would play the valuation game to keep it in check. It's been this way for decades.
What I think it sets us up for is a scenario you mentioned where IF the assessed went close to fair market most of us would be priced out of our homes due to taxes.
Now, do I think that will actually happen? No. Everyone is for the most part painfully aware that we can not and will not absorb higher taxes on our homes. It's a major hot button around here and if anything they are looking for ways to reduce the property tax burden. There would be a torch mob burning the town halls down if they did a large increase like that.
Taxes on that home you mentioned SHOULD be lower than 8K a year on average as the towns usually are, as you mentioned, very artificially low. My home is assesed about half of it's market value for instance.
Quit a few cities have had relatively high property tax hikes after revaluation, somewhere in the order of 25% - 40%. And as hopping mad as people did get, no town halls were burned.
On the other hand, many smaller towns are against increasing their housing density which can lead to requiring more schools and services that in turn increases municipal revenue needs. Yet, more revenue is always needed, so continued development is usually more geared toward retail, elderly and lower density development. It's a real balancing act, with some towns either rejecting their school & municipal budgets over and over again, or others just biting the bullet and accepting the higher than inflation tax increases. It becomes an annual political football in many towns, and to some extent is dependent on state funding and local politics. I guess that one way to characterized it would be as "growing pains" for some towns, and "stagnation pains" for others.
Quit a few cities have had relatively high property tax hikes after revaluation, somewhere in the order of 25% - 40%. And as hopping mad as people did get, no town halls were burned.
What towns did this recently happen in? I'm genuinely curious.
Everyone got re-evaluated last year in CT and this years tax bills are getting increased. The re-evaluation is 5 years now. Its been the talk of the state in local papers and what not.
What towns did this recently happen in? I'm genuinely curious.
Happened up in Oxford and Middlebury, I think New Milford had that problem as well.
The people in Oxford can't complain too much though, they approved a $60m high school yet turn their backs on businesses that want to come in because they want to keep the town "rural."
I know the taxes in that town are completely driving the middle-class out.
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Thank you for the replies...
