in Town to create uniformity in property valuations to value all - PowerPoint PPT Presentation

 Revaluation is the reappraisal of all real estate in Town to create uniformity in property valuations  to value all properties by the same standard at the same moment in time  to develop accurate and uniform assessments among real properties based on current fair market value  State mandate to update values every five years and perform physical inspections every 10 years  By state law, property assessments are based on 70% of market value 2

 Revaluation equalizes market changes since inequities develop over time due to:  Increase or decrease in demand for different types of property  Increase or decrease in desirability of different neighborhoods within a community  Reflects improvements and changes due to remodeling or additions without permits, physical depreciation and other changes 3

 October 1999 – Revaluation with physical Inspections  October 2003 - Revaluation  October 2008 - Revaluation  Current through July 2013 - Revaluation with physical inspection and data collection of residential, commercial and industrial property 4

 The length of inspection times vary by size and complexity of the property. Residential properties generally take 10 to 20 minutes; complex commercial/industrial properties may take longer.  The interior inspection is important • to gather relevant market value information on interior features, condition of home, quality of construction, etc. • to insure information is accurate since this data is public and is often used by real estate appraisers and agents, insurance agents, prospective buyers, etc. 5

 The Cheshire Police Department and Assessor’s Office, and eQuality Valuation Services have established security protocols  Criminal record checks performed for all revaluation field personnel  All revaluation personnel will carry company and Town of Cheshire picture ID  The registration, make, model, and color of all revaluation personnel cars was given to Police Department 6

 An introductory letter to property owners will precede visits by the data collectors  Data collectors will check in with the Assessor’s office each morning before they begin inspections  The Assessor’s office will notify the Police Department daily on the location of the revaluation data collectors  Signs will be displayed on all vehicles which read ”REVALUATION COMPANY FOR THE TOWN OF CHESHIRE”  If any property owner has a question or concern before or during the inspection, they can contact the Assessor’s Office 7

 March and April 2012  Assessor requests Income & Expense statements from Commercial/Industrial property owners (due June 1, 2012)  March and April 2013  Assessor requests Income & Expense statements from Commercial/Industrial property owners (due June 1, 2013)  March 2013 through July 2013  Data mailer sent to residential property owners to verify property details.  Summer 2013 through Fall 2013  Analysis and valuation phase 8

 November 2013  Assessment Change Notices Mailed  Current and revalued assessments presented  Explanation of informal hearing process  Explanation of Board of Assessment Appeal process  December 2013  Informal Hearings conducted with revaluation company  January 2014  Informal Hearing results mailed to taxpayers  January 31, 2014  Assessor signs 2013 Grand List officially implementing new assessments 9

 February 20, 2014  Deadline for filing application with Board of Assessment Appeals  March 2014  Board of Assessment Appeal hearings  March 31, 2014  Board of Assessment Appeal result notices sent  Hearing changes incorporated into Grand List  July 2014  Tax bills are mailed with assessments resulting from revaluation 10

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