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Assessor
Q. Why is Greenwich undertaking a revaluation now?
A. Over time property values change at differing rates for various locations and property types. A revaluation ensures fairness and equity in the collection of revenue, needed to generate the funding of the Town budget. The purpose of the 2010 revaluation is to eliminate any assessment inequities that have developed since the implementation of the previous 2005 revaluation, ensuring an equitable distribution of the property tax burden among taxpayers. Values have declined in many areas and for many property types since 2005.
Q. What is a revaluation?
A. A revaluation is an updating of all real property values as of October 1. A revaluation consists of appraising the value of the properties, both taxable and exempt, using recent sales, building costs and income and expense information from similar property types. All residential, commercial, apartments, industrial, vacant land, churches, school buildings and all other real estate will be revalued.
Q. When will the revaluation take effect?
A. The revaluation will be effective as of the October 1, 2010 Grand List (a document containing the value, ownership and description of all real and personal property). Taxes due in July 2011 and January 2012 will be based upon the new October 1, 2010 assessments.
Q. How has the Town revalued all property?
A. The Town has contracted with consultants to assist in the inspection of real properties, with the analysis of sales, and the review of calculated values. The consultants will also meet with the public to answer questions about the methods utilized and the resulting assessments. Local appraisers and experts on valuing specific types of properties will be enlisted to assist Assessor's Office staff. The Assessor's Office will be directing all activities of the revaluation consultants, and will be overseeing quality control and valuation analyses. We have developed valuation models based upon sales data collected since the last revaluation.
Q. How is the market value of a property determined?
A. A record of characteristics of land and buildings was collected and verified. This included defining neighborhoods within the Town. Factors such as the size of the lot and special features were considered. Also, the size, type, style, quality, age and condition of the dwelling were analyzed. Information on new construction, additions and remodeling was obtained. Outbuildings such as garages and swimming pools were noted. Other factors that have either a positive or negative impact on value from a buyer's perspective were also considered. Sales from January 1, 2009 to October 1, 2010 were verified and analyzed. A valuation model was created for improvements and land. Values were assigned to building areas and physical depreciation and functional obsolescence were subtracted to reach a net value for the buildings, and then the value of the land was added to reach a market value for the property. After model values were applied a field review of each property was conducted. Commercial properties were valued using the income approach to value which takes into consideration market rents, typical expenses and vacancy rates, and capitalization rates based upon what a typical investor in income producing property would expect for return of, return on and risk involved in particular types of properties. The special use properties and those where there were not enough income nor sales data were valued by the cost approach. The approach basically adds the replacement cost less depreciation of the structures on a lot to the land value to arrive at an estimated market value.
Q. What is the difference between assessed value and market value?
A. The assessed value is 70% of the appraised market value and is used as the basis for determining the property taxes. Market value is the typical price that a willing buyer would pay a willing seller if the property were offered on the open market, granted the buyer and seller are not related in any way or under any pressure to buy or sell.
Q. What are the benefits of a revaluation for property owners?
A. A revaluation was last conducted in Greenwich for the October 1, 2005 Grand List. Subsequently, property values have changed. Properties have undergone changes including renovations and deterioration. Over time, different neighborhood values change at different rates. Different types and classes of properties changed in value at different rates. The fairness or equity of the property tax depends on whether similar properties are treated alike. If the assessments do not keep pace with property changes and market conditions, inequities creep into the Grand List. When that occurs, some property owners may be assessed higher than those with comparable homes. They may be paying more than their fair share of property taxes, while others are paying less. A revaluation of all properties corrects inequities and inaccuracies so that each property taxpayer is paying his or her fair share.
Q. What is my "fair share" of property tax?
A. The property tax is designed as an "ad valorem" tax, which means it is a tax based on the value of the property. An owner of a $1,000,000 property should pay twice as much in taxes as the owner of a $500,000 property. The market value of property is the standard that is used to determine one's fair share.
Q. What is a mill rate?
A. In Connecticut, property tax rates are expressed in mills, or thousandths of a dollar. A property tax rate of 8.596 mills (2009 mill rate), or .008596 expressed in decimal form, results in the payment of $8.596 for each $1,000 of the property's assessed value. Every spring the Board of Estimate and Taxation sets the mill rate in anticipation of the July tax billing.
Q. When and where can I file for Senior Homeowner Tax Relief Benefits?
A. To file for state and local Senior Homeowner's Tax Relief Benefits, you must complete an application, which is available in the Assessor's Office, and file it between February 1st and May 15th.
Q. How do I obtain information on a property in Greenwich?
A. You may find the assessments and sales records in binders on the counter and online at the Town website, under the Assessor tab. Or property information can be accessed at the public computer terminals in the Assessor's office. You can print field cards for properties. That information includes various details about the parcel ID number, size, type, year built, ownership and assessment. Information about the revaluation is provided in the Assessor's section of the Town's website: View Assessments Online, View Sales Online, Revaluation Frequently Asked Questions, Questions About Your New Assessed Value.
Q. What if I believe that my assessment is incorrect?
A. Property owners should check their assessment record to see if any errors in data or property characteristics are present. The Assessor will correct errors if found. Informal reviews of market values for 2010 will be scheduled in December, 2010 and January, 2011 with the revaluation appraisers by appointment. Please contact the revaluation appraisers at their toll free number to schedule an appointment for an informal hearing at the Town Hall. You may also schedule an informal hearing directly by using the website below:
855-MUNIVAL (855-686-4825) or http://www.munival.com/greenwich
At your scheduled informal hearing, the appraisers will answer your questions and consider additional information you provide pertinent to the market value of your property. When you make an appointment by phone or through the website, please refer to the Parcel I.D. number, which appears at the top of your assessment notice. Notification of the results of all informal hearings will be mailed no later than February 28, 2011.
If property owners are not satisfied with the results of the informal hearing, they may apply for a hearing with the Board of Assessment Appeals (BAA) pursuant to Connecticut General Statute (C.G.S.) §12-117. Applications may be obtained at the Assessor's Office or on the Town's website. Appeals to the Board must be in writing on the prescribed application and postmarked or hand-delivered to the designated BAA office in Town Hall on or before March 21, 2011.
Q. Who do I speak to if I discovered an error on the information on property record card in the assessor's office for my property?
A. Call the assessor's office and provide them with your name, phone number, parcel number and the nature of the error. The appraiser assigned to your neighborhood will follow up on the request by calling you and if necessary, setting up a day and time for an inspection of the property to correct the record.
Q. How did you arrive at the value on my automobile?
A. Connecticut Assessors use the NADA (National Automobile Dealers Association) appraisal guide for automobile valuations. The assessed value of the motor vehicle is 70% of the published average retail selling price. If you disagree with the assessment, the Board of Assessment Appeals holds hearing in September each year to hear motor vehicle appeals to the assessed values. The time and date of the hearing is published in the Greenwich Time in August, or call the assessor's office for information.
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