2019 is here and all Wilton, CT home owners should have received their home's revaluation. As part of the Grand List revaluation, residential properties in Wilton is reassessed every 5 years. This is done to ensure equitable distribution of taxes based on the fair market value of homes.
In Wilton, property taxes account for more than 95% of the town's income and the value of homes has been found to be the most "fair" way to distribute the tax burden. Once the overall fair market value of homes is determined, taxes are then distributed to cover the allocated portion of the town budget.
The stagnant market that we have seen in Wilton over the past few years may now place more of this tax burden on the owners of moderately priced homes, those valued at less than $1Million. This is due to the relative performance of these homes as compared to more expensive homes, which have seen their prices decline.
If after you receive your revaluation, you believe that the new number is not in line with the actual value of your home, it is recommended that you register for an informal hearing. Directions for registration are included with your revaluation and will be held between January 7th and 25th, 2019 and must be scheduled by January 16th. Please keep in mind that the values are based on October 2017 values, not current values. In order to make your case, it is recommended that you do a bit of homework in advance to find comparable home sales during the period October 2016 - October 2017. This can be done at the Vision Appraisal site under the Sale Search tab. Changes can be made to the Grand List during these informal hearings prior to the signing of the list on February 28.
After February 28, only formal appeals will be heard. These appeals take place in April and registration runs from March 1st to 20th. For these appeals, bring as much information as possible to defend your position, including comparable 2017 home sales, repair/improvement records, and if possible retroactive appraisal to determine the 2017 fair market value.
If you have more questions about determining the fair market value of your home, or would like to sell your home and need to determine what your home is worth, contact Dagny (203) 858-4853.
This content was originally posted on DagnysRealEstate.com