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Revaluation 2024
The Revaluation of Real Estate in Hamden Connecticut:
October 01, 2024
Frequently Asked Questions:
Q 1: What is a Revaluation?
A Revaluation is the process of conducting the Data Collection and Market Analysis necessary to equalize the values (determine fair market value) of all properties within a municipality for the purpose of a fair distribution of the tax burden. The Town of Hamden has contracted with Tyler Technologies to assist the Hamden Assessor with the state mandated 10-1-2024 revaluation.
Q 2: Why is the town revaluing all properties?
Section 12-62 of Connecticut Statutes requires that each municipality conduct a revaluation of all real property every five years. However, pursuant to Public Act 22-74 revaluation schedule has moved the town of Hamden forward to October 1, 2024, Grand-List The purpose of this requirement is to ensure uniformity in real property valuations (fair market value) by eliminating inequities that have developed since the last revaluation due to changing market conditions.
A revaluation is undertaken to:
- Secure a more equitable distribution of the tax burden.
- To bring the assessment level up to date
- To modernize assessment procedures, and
- To comply with the state statutes
Property values change over time; some types of property have appreciated at different annual change (appreciation) rates than other types of property since 2020. The last revaluation for the Town of Hamden was done in 2020. Because property values have changed in that time, inequities have emerged. A properly conducted revaluation equalizes the inequities that the market has caused over the past five years. This equalization is accomplished by estimating the current fair market value as of October 1, 2024, of each real estate parcel in the Town of Hamden.
Q 3: What actions will a Data Collector take when he/she comes to my door?
- Ask you questions about the property.
- Verify any recent sales of the property.
- Permission to view the interior of the property may be requested or necessary in the event of a property sale or to make a data correction. No interior inspection will be performed unless it is granted by the property owner or an adult occupant. It is your prerogative to allow the data collector to inspect the interior of your property if you choose to do so.
- Review the outside dimensions of the residence and other structures or improvements.
Data Collectors are trained only to collect data. They cannot answer questions about property value or taxes.
For this revaluation, data collectors will visit all Residential and commercial properties as well.
Q 4: What is Fair Market Value?
The Appraisal Foundation defines market value as “the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.” (2005 Uniform Standards of Professional Appraisal Practice, pg. 210) The Connecticut Assessment and Appraisal communities, as well as the Court system, have adopted the above or very similar language, to define what fair market value is.
For this reason, foreclosures, short sales, estate sales, bank sales and sales between family members are often excluded from this definition. In determining what sales to analyze, the appraiser or assessor ensures that each sale falls within this definition, thereby ensuring fairness and equity amongst properties and comparability amongst transactions.
Information developed through the analysis of these sales is used by appraisers and assessors to develop mathematical models that are utilized in estimating the market values of all properties in a community. Some of the typical factors that are used by an appraiser in estimating market values include location, condition, age, size and quality of improvements.
Q 5: What happens during a Revaluation?
Connecticut General Statutes 12-62 require each parcel to be revalued once every five years. The physical viewing process must be achieved no less than once every ten years. This may involve but not be limited to a quality assurance program which was implemented and maintained by the Hamden Assessor. The office has worked in unison with the Building and Planning offices streamlining the audits of building permits. This effort is complimented further with a field inspection of permits and/or zoning changes that have occurred for each parcel. The office has also implemented a detailed sales review process cross referencing the local multiple listing service when needed.
The 2024 revaluation will continue to maintain this quality assurance process with further enhancement by our appraisers photographing each parcel (both residential and commercial) through the winter months of 2023-2024. With this information certified appraisers will be studying each sale and calibrating valuation models. This study of recent valid property sales will allow the appraisers to establish parameters to estimate the value of property that has not been sold. The appraisers then review this collected data and apply the determining factors of the sales analysis to come up with the value of each property.
Q 6: Will this mean the town is going to collect more taxes because of Revaluation?
No. The purpose of revaluation is to redistribute the property tax burden by assessing all taxable property at the same level of value. A revaluation is not intended to artificially raise revenues; its purpose is to value all properties by the same standard at the same point in time.
Q 7: Right now, my assessment is only a fraction of the true value of my property. Does this mean I am under assessed and will pay more taxes?
No. Real Estate in Hamden is now assessed at the state mandated 70% ratio of fair market value as of Oct 01, 2020. After revaluation all properties will continue to be assessed at 70% of fair market value as of October 1, 2024. Changes in assessment that occur because of this revaluation will serve to equalize the tax burden, meaning some tax bills will increase and others will decrease depending on whether the property has gone up in value since 2020 relative to all other properties. Your assessment will change, and the taxes you pay per $1,000 of assessed value (the mill rate) will also change. This will result in lower taxes for people who are currently paying more than their fair share, and higher taxes for those who are currently paying less than their fair share.
Q 8: How is the mill rate established?
Mill rate is established by the Town of Hamden's Budget process. It has nothing to do with the Revaluation process. The simplified formula for determining the mill rate is the Town Levy divided by the Taxable Grand List. The Town Levy (also referred to as the Grand Levy) is simply the amount of money the Town needs to generate through the property tax to provide town services. The Taxable Grand List is the total of all non-exempt assessments for all real estate, motor vehicles, and personal property located within the Town's boundaries.
Q 9: What measures have been taken to ensure my security with this activity?
Security of residents is a high priority. All project personnel will have a photo ID. Workers’ car (model, license number, etc.) will be registered with the Police and the Assessor's Office. Data collectors are instructed not to enter any house unless an adult is present, and the adult has given permission to do an interior inspection. Please contact the Assessor's Office or the Police Department to verify the authenticity of any worker if there are any concerns.
Q 10: What qualifications do the Appraisers have?
The administration of this project shall be assigned to a Project Manager or Supervisor who shall be certified by the State of Connecticut as a Revaluation Supervisor pursuant to C.G.S. 12-2c and such other statues and regulations that the State of Connecticut may promulgate from time to time. Project Supervisors are required to have no less than three (3) years of practical experience in the appraisal of commercial, industrial, apartment, farm, and residential type properties. Residential Review Appraisers are required to have no less than two (2) years’ experience. In addition, both the Project Supervisor and Review Appraisers must pass a written comprehensive examination administered by the Office of Policy and Management.
Q 11: Do I have to allow the data collector in my home?
No. The data collector is not required by contract to come into your home. It is in the taxpayer's best interest that the new assessments are based on accurate data. It is your prerogative to allow the data collector to inspect the interior of your property if you choose to do so. Otherwise, data for the interior will be estimated and/or gathered from the data mailer. However, please return the data mailer in the self-addressed envelope which you will receive after reviewing for accuracy. Data mailer will be mailed out as and when your neighborhood inspections are updated in spring of 2024.
Q 14: How will the property owner be notified of the new assessment?
Each property owner, at the completion of the project, will receive a notice of the new assessment (without any exemptions you may be receiving). All property owners are given the opportunity to discuss their values with the appraisal staff at an appointed time, which will be announced towards the end of the revaluation. At an informal hearing the property owner can voice concerns, discuss inaccuracies or discrepancies with a qualified appraiser who will review the property record card and explain the value. Should an inspection or revaluation need to be done the appraiser will make that determination and any changes that result will be sent to the property owner.
Q 15: What is informal hearing?
Towards the end of the Revaluation (November – December of 2024), every property owner receives a notice of his or her proposed valuation based on the analysis performed. These values are not final; they only become final after the hearings and the grand list is signed. When a property owner has a question or concern about the proposed valuation, they are asked to call the firm for an appointment. A date and time to meet will be assigned to discuss the valuation process and answer any questions the homeowner may have. An informal hearing is not a forum to discuss taxes, it is strictly meant to answer questions on the property valuations. A hearing officer will determine if a review of the property is necessary. All changes to value that occur due to a hearing will be reflected in the change notice that is sent after hearings are complete.
Q 16: How will Tyler Technologies appraise my property?
Tyler appraisers will estimate the value of your property by using the data on file and analyzing recent sales of properties comparable to yours in your neighborhood.
Q17: How will I know if my assessment is equitable?
There are two very good methods for you to determine this. First, compare your properties to similar properties that sold in the previous year. Your value should be in line with these sale prices. Second, if no recent sales are available, compare your assessment to other similar properties in your area using the values available on the Assessors website. Your value should be in line with these similar properties. Remember, very few properties are exactly alike. Your value should be comparable, but it seldom will be the same as what seems to be a similar property.
Q 18: If I disagree with my assessment after a hearing, what are my options?
You may appeal to the Town's Board of Assessment Appeals. The Board of Assessment Appeals will review the case and decide as to the disposition of the appeal. Should the property owner still feel the assessment is incorrect, they may appeal to the Superior Court. All appeals to the Board of Assessment Appeals must be made by February 20th. If the town is granted an extension to file the grand list, the filing deadline with the Board of Assessment Appeals is March 20th. Always contact your local assessor's office with any questions pertaining to the filing dates for appeals.
Q 19: When will the reassessment first appear in tax bills?
The reassessment will be reflected in tax bills issued in July 2025. Please do not multiply your new assessment by the previous year’s mill rate. Programs for Elderly or Totally Disabled Homeowners and Veterans that provide tax relief are available. Homeowners who currently qualify based upon income guidelines and are receiving those benefits will continue to receive them if applicable. These Exemptions and Tax Credits will be adjusted prior to the mailing of the July 2025 tax bill.
Homeowners who have questions about their eligibility for programs or any other revaluation related concerns should contact the Assessor's Office at (203) 287-7128. Department of Assessment, Town of Hamden.