It's Revaluation Time

It’s that time again — the Town of Simsbury will be conducting a revaluation of all property for the Grand List of Oct. 1, 2012. And this time, it includes an inspection of the interior of the home. This brochure serves to inform you that the

Each town in Connecticut is required by law to revalue all of the real estate within it at least once every five years. The date of value of the last completed revaluation in Simsbury is October 1, 2007. The previous revaluation was completed as of October 1, 2002. The next scheduled revaluation is for the October 1, 2012 assessment date.

To help remind and inform residents the town has put together a brochure and is sending out notices.

In a revaluation, the market value of each property is estimated and that estimate becomes the basis of the assessment for the following year's tax, and for the four years following that. The revaluation equalized each property’s tax burden relative to its current market value, that is, the market value as of October 1, 2007. The revaluation now in progress will estimate each property’s market value as of October 1, 2012.

The interior and exterior of each property must be viewed once every 10 years. This type of town-wide data collection was last done for the 2002 revaluation and was not repeated for the 2007 revaluation. It is being done again for the 2012 revaluation.

eQuality Valuation Services, LLC of Waterbury has been contracted to do the revaluation.

Why is the town conducting this revaluation?

A revaluation redistributes the tax burden based on the current value of the property.

The last revaluation was conducted October 1, 2007. Since that time, changes in economic conditions have created inequities. Therefore, the State of Connecticut, pursuant to Section 12-62 of the General Statutes, requires that the Town of Simsbury conduct this revaluation for the Grand List of October 1, 2012 and further requires that the Town perform assessment updates every five years thereafter.

What exactly is a revaluation?

It is the reappraisal of all real estate, using uniform procedures. It involves taking a complete inventory of each property in the Town, noting such features as lot size, location, square feet of living area, quality of construction and additions such as decks, porches and garages. Interior items that motivate buyers are also noted such as fireplaces, baths and finished basement area. Other items that affect the desirability and marketability of a property can only be ascertained following an interior inspection.

• A careful analysis of recent selling prices is conducted to identify and quantify the features that have motivated buyers and sellers in the Simsbury real estate market.

• This analysis results in the creation of schedules which will then be used to value all of the property in the Town of Simsbury.

• These schedules are then statistically tested to verify their ability to accurately and equitably produce estimates of current market value on October 1, 2012.

What is market value?

The Appraisal Institute defines market value as “the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after a reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.”

Sales such as foreclosures and family sales are not considered to be “arms-length” or market transactions.

Does this mean that the Town wants to inspect the interior of my property?

Yes. Accurate assessments are a result of accurate data.

The Town has recently contracted eQuality Valuation Services LLC, a Connecticut certified revaluation company, to assist in this revaluation project. Representatives of this company will be conducting physical inspections through 2012.

How much time will this interior inspection (or property inventory) take?

The inspection time varies according to the size and complexity of your home but in most cases will only take 10 to 20 minutes.

Will these field representatives be identified?

Yes, each representative will be properly identified.

You may also call the assessor’s office 860-658-3251 and/or the Simsbury Police Department at 860-658- 3100 to verify a representative’s identity.

What if I am not home for the inspection?

After the first attempt, if you are not home, you will be sent a notification letter requesting that you arrange for an appointment with the company.

Why can’t the revaluation company schedule individual appointments prior to these unannounced visits?

Attempting to schedule individual appointments results in an inefficient use of resources, which would result in higher costs to the Town. It would also result in the inability to complete this project in a timely manner.

How and when will my taxes be affected by this revaluation?

The revaluation will first affect your July 2013 tax bill.

The amount of your new tax bill is calculated by multiplying your new assessed value times the new mill rate.

Since the new mill rate will not be established until the budgetary process has been completed in May of 2013, it is not possible to estimate your new tax bill at this time.

When will I be notified of my new assessed value?

The revaluation company will send out assessment change notices in November 2012. All property owners will then have the ability to have an informal appeal where additional information that may affect value could be given to the revaluation appraiser.

After I receive my notice in November 2012, what can I do if I disagree with my value?

An assessment appeal is not a complaint about taxes or how much your assessment has changed.

It is an attempt to show that your property’s estimated market value is inaccurate or unfair based on recent sales of comparable properties.

Your first appeal should be with the revaluation company. At your hearing, revaluation staff will be available to explain the procedures used to value your property. If you are not satisfied with the results of that hearing, the Board of Assessment Appeals will be meeting in the Spring of 2013 to hear all appeals on the Grand List of 2012. Your final appeal is before the courts under Section 12-117a of the Connecticut General Statutes.

Does this revaluation affect my October 1, 2011 assessment and my July, 2012 tax bill?

No, as in any other non-revaluation year, unless you have made any changes to your property, your assessment will remain unchanged from the October 1, 2010 Grand List. The mill rate for the 2011 Grand List will be established in May of 2012 and your July 2012 tax bill will be calculated based on your current assessment.

Information provided by the Town of Simsbury.