Connecticut

1
Connecticuts Revaluation TangoOur
Semi-Rational System of Property Taxation
Presented byElliott B. Pollack, Esq.
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Definition Revaluation
The mass appraisal of all property within an
assessment jurisdiction to equalize (and to
update) assessed values. Dictionary Real Estate
Appraisal (3rd Edition).
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Assessment Date
October 1 (Tax payment dates are July 1 and
January 1 of the following years)
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Market Value / Assessed Value
100 / 70
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Revaluation Cycle
a. Was 10 years - honored as much in the breach
as in the observance b. As of 1997 Reduced to
a statistical update every 4 years with a
physical revaluation every 12 years
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Revaluation Cycle (continued)

• c. The apple cart was upset in 2004!
• 2003, 2004 and 2005 revaluations could be
• deferred until 2006
• revaluation schedule extended to five years

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Problems With Revaluation Deferral

• Unfair assessments
• Valuation shifts
• Failure to equalize
• Administrative problems

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Take Aways

• The more frequently revaluations are conducted,
  the
• greater assessment equity is achieved.
• The more frequently revaluations are conducted,
  the
• less impact there will be from valuation
  shifts.

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Take Aways (continued)

• Volatile real estate markets can create great
• inequities among different classes of
  property.
• Better publicity and education is required so
  that
• assessment increases are not automatically
• equated to radical tax increases.
• Tax reform !?!

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Elliott B. Pollack, Esq.Pullman Comley, LLC90
State House SquareHartford, CT
06103860-424-4340ebpollack_at_pullcom.com
Bridgeport Hartford New Haven Stamford Westport
www.pullcom.com