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What Madison Property Owners Should Know About The Madison Property Revaluation

This is an introductary blog that will be supplemented at appropriate times at key points in the 18 month revaluation cycle.

 

The Madison Board of Selectmen received and opened 6 bids, on Monday, for the revaluation of real property.

This process is mandated by the State of Connecticut. It is intended to "capture changed in value". The mandate requires a "physical" revaluation once every 12 years and a "statistical revaluation" at the 5th year interval.

This revaluation will be a "physical" one. The firm selected will be required to visit each of the 8,398 accounts that includes 6,418 residential dwellings, 694 condos, 5 apartments, approved lots, acreage, commercial properties, industrial sites, utility properties, etc. The physical improvements (structures) will be inspected and measured. The firm is required to physically inspect, measure, and list and evaluate the interior spaces of all physical improvements.

The goal of property revaluation is to "equalize" the ever changing relationship of property values over time. "Revaluation captures fluctuation in fair market values and helps municipalities avoid under or over taxing property owners" according to the State web site on property revaluation.

The firm selected will have a time line that begins with an early October, 2012 mailing to all account holders of the property record on file at the Assessor's office.

This will afford an opportunity for the account holder to verify the accuracy of the assessment record.

The final new assessment will be dated October 1, 2013 and mailed out no later than November 11, 2013. The new assessments will be reflected in the July 1, 2014 tax bill.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Anita Bath August 22, 2012 at 09:02 PM
Worst economy in decades. Property values are down. I'm sure my re-evaluation is going to increase. We have to pay for Swamp Griswold!
Harriet August 23, 2012 at 02:16 PM
Revaluation is designed to put property values in correct proportion to one another so that, whatever the mill rate, the owner is paying his or her fair portion relative to the value of other property. Is it perfect? No, but putting it off just means current "winners" who are relatively undervalued get to keep being subsidized by the current "losers" who are relatively overvalued. Let's hope that we end up with an appraisal company that can appreciate the complexity of the task in a town like Madison.
Janet December 30, 2012 at 02:13 PM
Does anyone know what is happening with this? We have received no letter and have seen no updates in the Source or on the Patch

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