Posted 11/15/2024
Voluntown Property Revaluation Assessment Notices were mailed out to residents on November 13, 2024. Please follow the instructions in your notice to schedule a phone appointment with Equality. The Assessor cannot make changes and she cannot schedule the hearing. Everything must go through Equality.
The following are questions and answers related to the October 1, 2024 State mandated property revaluation.
Q: WHAT IS A REVALUATION?
A revaluation is the process of determining market values for all real property (real estate) in town. These values are derived by performing data collection, market analysis and valuation to determine accurate and equitable estimates for all properties within a municipality.
Q: WHAT WILL HAPPEN DURING THE REVALUATION?
The Town of Voluntown contracted with eQuality to facilitate the State mandated revaluation. A combination of data mailers and field inspections are used to collect data and verify property information. Any changes made to property record cards will be updated for the October 1, 2024 Grand List. Appraisers then analyze local, real estate, market sales which are used to establish current market values.
Q: WHAT ARE THE IMPORTANT DATES IN THE REVALUATION SCHEDULE
Assessment notices will be mailed November 2024.
Informal hearings with eQuality will be held from November 20 -26. Please follow the instructions on your assessment notice if you would like to schedule a hearing.
Final notices will be mailed in January 2025 for any properties where assessments have changed due to an informal hearing.
The deadline to file an appeal application with the Board of Assessment Appeals is February 20, 2025.
The Board of Assessment Appeals meeting will be held in March 2025.
The mill rate will be set in May 2025
2024 tax bills will be due in July 2025.
Q: WHAT IS FAIR MARKET VALUE?
Fair market value is the most probable price which a property would sell for in a competitive and open market under all conditions requisite to a fair sale.
Conditions of a fair sale:
- Buyer and Seller are typically motivated
- Both parties are well informed and are acting in their best interest(s)
- Reasonable time is allowed for exposure in the open market
- Payment is made in cash or its equivalent
- The price is unaffected by financing amounts or sales concessions
Market values are determined using analysis of the local real estate market. A single property sales transaction would not be the sole determination of a property’s value.
Q: WHEN WILL MY NEW ASSESSMENT TAKE EFFECT?
The new assessment will take effect starting with the October 1, 2024 Grand List. These assessments will be used to calculate taxes due in July 2025 with a new mill rate to be determined in approximately May 2025.
Q: WILL ALL PROPERTY VALUES CHANGE AT THE SAME RATE?
No, not all property values will change at the same rate. Some properties may have been previously undervalued/overvalued or market values may have increased/decreased more for some property types than for others. Different types of properties within the same neighborhood may also show different value changes. For example, colonial style houses may be more in demand than ranch houses or vice versa. A few examples of factors that will cause values to differ are: location, condition, living area, dwelling quality, number of baths, basement finish and garages.
Q: HOW IS THE ASSESSED VALUE CALCULATED?
The assessed value is 70% of the fair market value established as of the October 1, 2024 Revaluation date.
Q: IF PROPERTY OWNERS DISAGREE WITH OR HAVE QUESTIONS ABOUT THEIR ASSESSMENT, WHAT ARE THEIR OPTIONS?
If any property owner disagrees with or has questions regarding their new assessment, they should schedule an informal hearing. With eQuality using the instructions in their assessment notice.
Q: WHAT IS AN INFORMAL HEARING?
An informal hearing is a phone meeting with eQuality where you can ask questions and express concerns about your new property assessment. This is not a forum to discuss taxes. Appraisers will take notes as to the property owners’ concerns and specifics regarding their property. Each property that had an informal hearing will then be reviewed on an individual basis to determine if there is a change of value warranted. Homeowners will be notified of the results of their informal hearing in January 2024.
Q: IF AFTER AN INFORMAL HEARING THE PROPERTY OWNER STILL DISAGREES WITH THE ASSESSMENT, WHAT IS THE NEXT STEP?
The property owner may then appeal their assessment with the Board of Assessment Appeals. Applications will be available from February 1, 2025 to February 20, 2025. All applications are due to be submitted to the Assessor’s Office no later than February 20th 2025. The Board of Assessment Appeals meeting will be in March 2025.
Q; WHAT IS THE BOARD OF ASSESSMENT APPEALS?
The Board of Assessment Appeals is an official municipal board, independent of the Assessor, designed to serve as an appeal body for taxpayers who believe that their property is unfairly assessed. Members of the Board of Assessment Appeals are elected by town citizens, vacancies are filled by the Board of Selectman.
