Assessment’s in the State of Connecticut are the responsibility of each individual towns Assessor’s Office. Values are developed using a mass appraisal process to estimate property value for each property in a community. It is a large and complicated process that is often farmed out to assessment companies with little or no knowledge of the individual towns they appraise in. It is no surprise that the mass appraisal process sometimes results in properties that are over or under assessed.
The process of putting together the data necessary to develop the assessment values takes time and heavily relies upon historical data. Due to this factor in times of rapidly appreciating property values under assessments are more likely to occur. Even more importantly for the homeowner, in times of declining property values, such as now, the possibility of an over assessment becomes more likely.
Property taxes have been taking an ever increasing bite out of the property owner’s pockets as town look to recover monies that were once supplied by the State or Federal Governments. U.S. Census Bureau data revealed that state and local property tax collections increased 50% from 2000 to 2006 while median household income only increased 15%. While real estate taxes cannot be avoided, it is vital for Connecticut property owners to pay no more than their fair share. In some cases this may require an appraisal to help establish what is the equitable fair market value for a specific property.
Rapid Appraisal has completed numerous appraisals for tax purposes often saving home owners hundreds of dollars or more each year. If you feel your property might be over assessed or if you have any questions about your assessment please contact us.