A Revaluation is the process of conducting the Data Collection and Market Analysis necessary to equalize the values of all properties within a municipality for the purpose of a fair distribution of the tax burden.
Over time, market values change at different rates for different segments of property. With municipal paid services such as schools, police, fire, waste disposal and snow removal, it is essential that property values be kept current. The State of Connecticut requires that cities and towns perform a revaluation every five years so that all properties can be brought to current market value and contribute an equitable portion of the total tax burden.
Market value is determined by the activity in the real estate market and the general economy. The value of your property is based on an analysis of the entire market for the full two calendar years before the completion of the Revaluation Project.
It is the Appraiser’s job to research and analyze the values in any particular area or neighborhood. In effect, they do what you would do to determine the selling price when putting your property up for sale. The Appraiser has specific guidelines to follow. Factors that are examined for each property are: Location, size, quality of construction, age of improvements, topography, utilities, zoning restrictions, if any, etc.
A Revaluation may result in an increase or decrease of individual assessments; it does not mean that all property values will change at the same rate. Remember, assessments are only the base that is used to determine the tax burden. The tax burden is the amount that the City of New Britain must raise to operate the local government and support the many services each of us has come to expect such as schools, police, etc. If the same amount of money is to be raised after the Revaluation as the previous year and each assessment doubles, the tax rate would merely be cut in half.