What Madison Property Owners Should Know About The Madison Property Revaluation

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.