in Town to create uniformity in property valuations to value all - - PowerPoint PPT Presentation

 Revaluation is the reappraisal of all real estate

in Town to create uniformity in property valuations

 to value all properties by the same standard at the same

moment in time

 to develop accurate and uniform assessments among

real properties based on current fair market value

 State mandate to update values every five

years and perform physical inspections every 10 years

 By state law, property assessments are based

• n 70% of market value

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 Revaluation equalizes market changes since

inequities develop over time due to:

• Increase or decrease in demand for different types of

property

• Increase or decrease in desirability of different

neighborhoods within a community

 Reflects improvements and changes due to

remodeling or additions without permits, physical depreciation and other changes

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 October 1999 – Revaluation with physical

Inspections

 October 2003 - Revaluation  October 2008 - Revaluation  Current through July 2013 - Revaluation with

physical inspection and data collection of residential, commercial and industrial property

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 The length of inspection times vary by size and

complexity of the property. Residential properties generally take 10 to 20 minutes; complex commercial/industrial properties may take longer.

 The interior inspection is important

• to gather relevant market value information on

interior features, condition of home, quality of construction, etc.

• to insure information is accurate since this data is

public and is often used by real estate appraisers and agents, insurance agents, prospective buyers, etc.

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 The Cheshire Police Department and

Assessor’s Office, and eQuality Valuation Services have established security protocols

 Criminal record checks performed for all

revaluation field personnel

 All revaluation personnel will carry company

and Town of Cheshire picture ID

 The registration, make, model, and color of all

revaluation personnel cars was given to Police Department

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 An introductory letter to property owners will

precede visits by the data collectors

 Data collectors will check in with the Assessor’s

• ffice each morning before they begin inspections

 The Assessor’s office will notify the Police

Department daily on the location of the revaluation data collectors

 Signs will be displayed on all vehicles which read

”REVALUATION COMPANY FOR THE TOWN OF CHESHIRE”

 If any property owner has a question or concern

before or during the inspection, they can contact the Assessor’s Office

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 March and April 2012

• Assessor requests Income & Expense statements from

Commercial/Industrial property owners (due June 1, 2012)

 March and April 2013

 Assessor requests Income & Expense statements from

Commercial/Industrial property owners (due June 1, 2013)

 March 2013 through July 2013

• Data mailer sent to residential property owners to verify

property details.

 Summer 2013 through Fall 2013

 Analysis and valuation phase

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 November 2013

 Assessment Change Notices Mailed

 Current and revalued assessments presented  Explanation of informal hearing process  Explanation of Board of Assessment Appeal process

 December 2013

 Informal Hearings conducted with revaluation company

 January 2014

 Informal Hearing results mailed to taxpayers

 January 31, 2014

 Assessor signs 2013 Grand List officially implementing

new assessments

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 February 20, 2014

• Deadline for filing application with Board of

Assessment Appeals

 March 2014

• Board of Assessment Appeal hearings

 March 31, 2014

• Board of Assessment Appeal result notices sent
• Hearing changes incorporated into Grand List

 July 2014

• Tax bills are mailed with assessments resulting from

revaluation

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