How Important is Your Assessment

Thirty one towns and cities went through revaluation in Connecticut for 2010, which means the new assessment and tax bills will be set within the net few months. If you are living in one of these towns it is important to make sure your assessment is fair. For example if your house is over assessed by just $20,000, a small amount in a state where home prices are typically above $200,000 and often exceed $1,000,000, in a town with a mill rate of 30 it will cost the homeowner $420.00 per year. When you consider that towns/cities in the State of Connecticut is on a five year cycle for revaluations that means a minor $20,000 error will cost each homeowner $2,100 over the revaluation period.

So What can be done about it?

Well in Connecticut you can appeal the assessment on your property at your town/city Assessor’s office. Unless you can point out a specific error, i.e. the house doesn’t have a garage while assessor records says there is one, they will often require you to get an appraisal to show that the assessment is inaccurate. With appraisal fees typically $350-$400 for an average house, there is some risk involved for the homeowner if his house isn’t over assessed. Fortunately that risk has been reduced by a program offered by Rapid Appraisal, Inc.

Restricted Appraisal

If a home owner thinks their property is over assessed they can now order a restricted appraisal from Rapid Appraisal, Inc. for only $75.00. If you find that your property assessment is to high then you can order the full appraisal through Rapid Appraisal, Inc. with the original $75.00 being credited towards the final report. For more details on what the restricted reports involve and the caveats of such a report go to Restricted Appraisal information.

Is it worth $75.00 to save thousands?

Now the only question in the home owners mind if they feel their assessment is too high is it worth $75.00 to potentially save thousands. If it is you can find out all the information you need at Tax Assessment Reduction.

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