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.
Andover, Ashford, Beacon Falls, Bridgewater, Brookfield, Colchester, Columbia, Cornwall, East Hartford, East Haven, East Lyme, Easton, Enfield, Greenwich, Griswold, Groton, Hartford, Hebron, Killingworth, Lisbon, Manchester, Meriden, Middlebury, Middlefield, Milford, Montville, New Haven, Plainville, Plymouth, Portland, Salem, Shelton, Thomaston, Trumbull, Vernon, Westbrook, West Hartford, Wolcott, and Woodstock
With some exceptions, the COVID-19 pandemic continues to cause a downward effect on real estate values. Municipal assessments must fairly reflect the diminution in values. Whether your property produces income, or is owner-occupied, the opportunity to reduce your real estate tax burden is favorable. For income-producing properties, net operating income has fallen, or likely will, resulting in lower values. Market concern over reduced demand and commercial tenant defaults will drive higher capitalization rates – translating to lower values, even for well-performing rental properties. Lastly, although sales activity has slowed because of the pandemic, as loans come due and financing is harder to obtain, sales at reduced purchase prices will emerge.
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.
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 firstname.lastname@example.org .