Fab Real Estate Blog: Danbury, Connecticut Property Tax Assessment Issues

Danbury, Connecticut Property Tax Assessment Issues

The Danbury News Times printed an article yesterday about Danbury homeowners having their homes reassessed to to today's values.

Danbury's last revaluation of homes was done in 2002.  According to the article, single family homes in Danbury are seeing an increase in their assessments of about 35%, while condos are seeing their assessments rise 50-55%.  These increases are in proportion to the property value increases we have experienced in the five years since 2002.

Homeowners are upset because they fear such large increases in their homes' assessments will increase their property taxes in a proportionate manner.  This is incorrect.  Property taxes are determined by both the town and school budgets, and the town then sets a mill (tax) rate based on the dollars needed, as dictated by those budgets.

With higher assessments town-wide, and assuming a nominal budget increase, then typically, mill rates drop dramatically after a revaluation.  As such, though your assessment will be much higher, the mill rate should be much lower, and taxes will remain relatively stable (with the exception of any budget increases).

There is an exception to this rule, though:
What if your home's new assessment is higher than its true market value? 

If the new revaluation results in your home being assessed for more than its current market value, then you will be taxed at too high of a rate for your home.

How to fight being over-assessed?

To fight an over-assessment, you must file an appeal with the town's assessment board.  In order to successfully appeal your assessment, you will have to prove that your home has been assessed at a value higher than its market value.

If your home has been over-assessed, then an appraisal of your home from a local appraiser will greatly increase your chances of the assessment board reducing your assessment. An appraisal from an independent appraiser should suffice as proof of your over-assessment.

Concerned about your tax assessment?
Call today to schedule an appraisal of your home.  We will gladly inspect your home and prepare our appraisal report for you to utilize when appealing your assessment.  An appraisal of your home is an affordable way to verify - and correct, if needed - your home's property assessment.

 

Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
CT Home Group
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale

 

Comment balloon 0 commentsDon Fabrizio-Garcia • December 05 2007 04:05PM

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