Prospect CT Home Owners Received Greetings From The Town
For all homeowners of Prospect CT, this weeks mail included a special greeting from our town hall. More specifically from the office of the Assessor. In accordance with state law, towns are required to perform property revaluations every 5 years with an actual physical or entry appraisal to be done at least once within a 10 year span.
The last physical revaluation was completed in 2015 for the year ending Oct 2015. This year the changes were completed based on actual sales of similar style homes in Prospect within the past year.
That means that different home styles were not compared to each other therefore skewing the individual values.
As an example, my own home saw a $7,000 increase in it's assessed value, which represents 70% of the property's appraised value. The appraised value should be typically the sales value of the home if it were to be put up for sale here in Prospect CT.
Using the current mill rate in town, my taxes could be increased by almost $200 in 2021 which will be reflected in the tax bills that will be due July 1, 2021. The new mill rate will be decided once the town reviews the Grand List.
The Grand List of a town is the total of the aggregate of taxable property within a given town. The Total Net Grand Lists by Town Data includes a breakdown for taxable categories and exemptions under the following column headings:
Residential, Commercial, Industrial, Public Utility, Vacant, Land Use, 10 Mill Forest, Apartments, Total Real, Real Exemptions, Total Net Real, Motor Vehicles, Motor Vehicle Exemptions, Total Net Motor Vehicle, Personal Property.
The total value of taxable properties is then compared to the town's total budget and from this a mill rate is determined that will be levied against the grand list to determine the rate at which the town needs to uniformly tax in order to satisfy the operating budget it is possible that with the new values in the grand list, the mill rate may drop which in turn may reduce the $200 estimated increase I would be facing. All others in town would see the same percentage of reduction.
The good news for home owners in Prospect CT is with the values of sold properties in our town. Those people who have sold their homes in town, especially in the second half of the year have seen large increases in value, many times exceeding the appraised values by 10 to 15%.
If you are looking to buy or sell a home in Prospect CT, I can help. Being a licensed broker in CT, I can offer a free market evaluation of your current home and review the market and give detailed information on how to get your home sold for it's maximum value.
Prospect CT Home Owners Received Greetings From The Town
Comments(10)