Each town in Connecticut is required by law to revalue all of the real estate within it at least once every five years. The date of value and the assessment date is October 1, 2007. The previous revaluation was completed as of October 1, 2002.
In a revaluation, the market value of each property is estimated and that estimate becomes the basis of the assessment for the following year's tax, and for the four years following that. Revaluation equalizes a property's tax burden relative to its current market value, that is, the market value as of October 1, 2007.
Each property must be viewed once every ten years. This town-wide data collection was done for the 2002 revaluation and need not be repeated for the 2007 revaluation. Properties that have sold were inspected in order to be sure that the assessor's office has a good understanding of what sold before applying that information in the valuation of other properties.
The town has hired PBS Systems, LLC, of Hartford to assist in the valuation of the real estate. Revaluation notices will be mailed the week ending January 5, 2008, and informal hearings with the company will be held in January.
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