Municipal revaluation are underway in Connecticut. If you are a property owner in these towns, you will soon receive a letter advising you of your new assessment. The list below is of municipalities currently conducting a town-wide/city-wide revaluation.
Avon, Bethany, Bethlehem, Bolton, Burlington, Canton, Chaplin, Cheshire, Chester, Darien, East Granby, Eastford, Essex, Franklin, Hampton, Harwinton, Kent, Killingly, Lebanon, Litchfield, Lyme, Madison, New Canaan, New Hartford, New London, Norfolk, Norwalk, Norwich, Old Saybrook, Orange, Rocky Hill, Scotland, Sharon, Sherman, Suffield, Union, Washington, Watertown, Weston, Wethersfield, Willington, Windham, Windsor, and Woodbury.
Municipal assessments must fairly reflect continued diminution in property values. While the U.S. economy rebounded in 2022, growth in 2023 slowed due to increased inflation and data shows a slowdown in overall growth of commercial real estate. Apartment rent growth slowed this year and the demand for multifamily units is now lower when compared to prior periods. Furthermore, office, retail and hospitality sectors continue to struggle.
We appeal property taxes assessments for national and regional companies and have successfully achieved significant assessment reductions. We are familiar with the various methodologies available in seeking relief as well as other factors that are relevant to assessing officials. Our experience in appealing real property assessments includes successful appeals of hundreds of commercial, industrial, and multifamily residential properties.
As you may know, the statutory deadline to file an application with the Board of Assessment Appeals is February 20th. Some municipalities may seek an extension to publish their grand lists which, in turn, extends the deadline for property owners to file the application to March 20th. Real property owners should note a new deadline was implemented into Connecticut’s overvaluation statute, C.G.S. 12-117a, by the state’s legislature requiring the filing of an appraisal within 120 days after commencing a Superior Court appeal.
If you would like to discuss an appeal of your property assessment, please feel free to contact Scott Schwefel at (860) 606-1712 or, via email, at scott@shipmanlawct.com .