City of Norwalk Informational Meeting on 2018 Revaluation April 23, 2018

Transcription

1 City of Norwalk Informational Meeting on 2018 Revaluation April 23,

2 What is Revaluation? The use of mass appraisal methodology to determine the true and actual value of all real property in a town for assessment purposes as of a specific date in accordance with section of the Connecticut General Statutes. 2

3 Revaluation Mandated by the State of Connecticut Revaluations are performed every 5 years with inspections by every 10th year In Connecticut, real property is assessed at 70% of market value Assessment date is October 1,

4 Benefits of Revaluation Corrects assessment inequities Adjusts value for market shifts Verifies that all new construction has been captured Achieves 70% state mandated assessment ratio 4

5 Misconceptions of Revaluation The City conducts revaluation in order to increase its revenue Revaluation alone causes everyone s taxes to increase If my assessment changes, my taxes will change at the same rate. 5

6 Definition of Market Value The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus. n The Appraisal Foundation 6

7 Revaluation Process Phases Include: Data Collection/Verification Sales Analysis Model Development & Application Field Review Informal Hearings BAA Hearings & Assessment Finalization 7

8 Data Collection/Verification In 2018, data collectors will visit just under 8,000 parcels in order to verify the current physical data on file with the Assessor s Office. Data mailers are mailed to about 26,000 residential parcels. Income and expense forms are mailed to 2000 commercial, industrial and apartment parcels annually. We attempted to inspect the property up to four times 1 During the initial visit we measured the home and asked to inspect the interior. 2 If no one was home we make another visit at a later time. 3 If no one was home we return after 4pm or on a Saturday. 4- If we are unable to gain access we send a letter to afford property owners the chance to schedule an appointment. Field review of about 29,000 parcels 8

9 Development of Assessed Values Sales Analysis Review and analysis of sales - Focusing on arms-length sales between 10/1/2017 and 10/1/2018 Valuation Model Development Utilizing the sales data, valuation models are developed in compliance with Connecticut State Statutes Field Review Verify appropriate application of models Confirm data and value consistency Conducted by OPM certified appraisal personnel 9

10 Assessment Finalization Property owners notified of the proposed change in assessment Informal Meetings held with taxpayers at City Hall Final Adjustments made as necessary Final Assessment Notices sent by City Statistics generated and filed with State of Connecticut Board of Appeals Hearings (BAA) 10

11 State of Ct Statutory Ratio Testing Standards Level of Assessment Prescribed range 63%-77%. Coefficient of Dispersion (COD) Overall must be 15% or less. Price Related Differential (PRD) Range allowed.98 and

12 Relevant Statistics Prior Revaluation (2013) Level of Assessment 68% Coefficient of Dispersion (COD) 7.12 Price Related Differential

13 Results of of Revaluation Preliminary Values available 11/2/2018 Preliminary value notices mailed by 11/30/2018 Informal hearings December 3, 2018 December 31, 2018 Revaluation status meetings December 2018 Final value adjustments January 2019 Assessment Notices mailed January 2019 Submit revaluation for certification February 2019 Board of Assessment Appeals Hearings March 2019 Submit 2018 Grand List to OPM May

14 Conclusion After the BAA has concluded their work, an appeal to Superior Court is the legal recourse available to taxpayers to further contest their 2018 Grand List values We would like to thank the residents of Norwalk for their support and cooperation during this project 14