Prospect CT Revaluation Numbers Have Residents Concerned
In the State of Connecticut, towns must do an adjustment for property values very 5 years, and one of those requires a physical review of the property. For 2024, the values were adjusted based on sales, and a period was offered for residents to appeal or at least get an explanation of the increase.
Over the past 5 years, the average real estate value for sales of houses in the Town of Prospect has increased by 31%, which has made sellers very happy for the increase in their homes' value.
With the new assessments sent out to homeowners, some have been concerned for the potential increase in their taxes.
Let's assume a home with an appraised value of $400,000, it's taxes would have been based on its assessed value, which is typically 30% less or in this case, $280,000.
With the old mill rate of 31.95 the taxes on that home would been $8,946.00
With the new mill rate of 32.14, the taxes should be $8,999.20, or less than a $50. increase. This may change over the next 5 years as the town reviews the financial obligations against revenues.
Of course, only time will tell, but the Town has demonstrated financial responsibility over the years.
If you are considering selling your Prospect CT home, it is essential to have an accurate value, consistent with recent activity. I offer a free market evaluation to assist you determining your home's value.
If you would information on homes for sale in Prospect CT, please call me or send me an email. I would be very happy to assist you or to discuss homes for sale in Prospect CT.
Prospect CT Revaluation Numbers Have Residents Concerned
Comments(9)