The Town of Rocky Hill will be working on the 2018 revaluation, as mandated by Connecticut State Statute 12-62(b). This statute requires all municipalities to revalue all of its real estate not later than five years after their last revaluation. The Town of Rocky Hill’s last revaluation was completed as of October 1, 2013. Consequently, our next revaluation is scheduled for October 1, 2018.
The primary purpose of a revaluation, which is a mass appraisal of all real property within an assessment jurisdiction, is to eliminate any assessment inequities that may have developed since the implementation of a previous revaluation. This is accomplished by updating the assessments of real property to reflect their fair market value.
The following information is to help the taxpayers of the Town of Rocky Hill understand what revaluation is, why revaluation is done, how a revaluation is performed, and how it affects the typical property owner. We have attempted to answer most questions that arise concerning a revaluation.
October 2017 – September 2018: Data collection for residential and commercial properties
October 1, 2018: Effective date of Revaluation
November 2018: Notices of new values mailed
November – December 2018: Scheduling of informal hearings for those residents who want to review their new property assessment with assessment staff
January 2019: Results of informal hearings with assessment staff mailed to all who had an informal hearing
January 31, 2019: Grand List is signed unless an extension is granted
February 1, 2019: Applications for Board of Assessment Appeals become available
February 20, 2019: Deadline to file an application for the Board of Assessment Appeals
March 2019: Board of Assessment Appeals meets to hear appeals on new property assessments
April 2019: Board of Assessment Appeals decisions are mailed to all who appealed
May 2019: Town Council adopts new budget and establishes a mill rate to be applied to new property assessments
July 2019: Property tax bills reflect new property assessments and new mill rate
WHAT IS A REVALUATION?
Revaluation is the mass appraisal process by which the town develops values for each property based on a review of the current real estate market and individual property characteristics. By state law all property is assessed at 70% of market value.
WHY IS REVALUATION NEEDED?
Connecticut State Statute 12-62(b) requires that a revaluation be done at least once every five years in all municipalities. The last revaluation in Rocky Hill was completed October 1, 2013.
WHO IS RESPONSIBLE FOR THE REVALUATION?
The Town of Rocky Hill is responsible for the revaluation.
WHAT HAPPENS DURING REVALUATION?
Staff in the Assessment Office study recent property sales in town. This study of recent property sales allows the staff to establish parameters to estimate the value of all properties. Using comparisons with recent sales, the staff to then gather and review these parameters and apply them to all properties in order to approximate the market value of each property.
WHAT IS THE DEFINITION OF MARKET VALUE?
Market value is the most probable price in terms of money which a property would sell for in a competitive and open market under all conditions requisite to a fair sale.
Conditions of a fair sale:
- Buyer and seller are typically motivated
- Both parties are well informed and are acting in their best interest(s)
- Reasonable time is allowed for exposure in the open market
- Payment is made in cash or its equivalent
- The price is unaffected by financing amounts or sales concessions
HOW WILL THE HOMEOWNER BE NOTIFIED OF THE NEW ASSESSMENT?
Each homeowner will receive an individual notice of the new assessment in November 2013.
IF HOMEOWNERS DISAGREE WITH THE ASSESSMENT, WHAT ARE THEIR OPTIONS?
If any property owner disagrees with or has questions regarding their assessment, they should schedule an informal hearing.
WHAT IS AN INFORMAL HEARING?
An informal hearing is a forum meant to answer questions on the new property valuations. Homeowners are asked to come prepared with documentation regarding specific issues with their new assessments.
Staff will take notes as to the property owners’ concerns and specifics regarding their property. Each property that had an informal hearing will then be reviewed on an individual basis to determine if there is a change of value warranted.
IF AFTER AN INFORMAL HEARING, THE HOMEOWNER STILL DISAGREES WITH THE ASSESSMENT, WHAT IS THE NEXT STEP?
If, after an informal hearing, a property owner still disagrees with the property assessment, the homeowner may then petition before the Board of Assessment Appeals. The Board of Assessment Appeals will review the petition and make a determination as to the disposition of the appeal.
HOW DOES A HOMEOWNER APPLY FOR AN APPEAL WITH THE BOARD OF ASSESSMENT APPEALS?
Applications will be available starting January 1, 2016 in the Assessment Office or online. All applications must be received in the Assessment Office no later than February 19, 2016 (postmarks are not accepted).
WHAT SHOULD HOMEOWNERS BRING TO THE BOARD OF ASSESSMENT APPEALS?
Homeowners should bring any information to support why they believe their property assessment is incorrect. Please see appeal application fact sheet for more details.
HOW CAN A HOMEOWNER COMPARE HOW OTHER PROPERTIES HAVE BEEN VALUED?
A listing of all Rocky Hill property assessments are posted on the Online Property Cards page. Any property assessment can be found by entering the property address, parcel id, or owner name.
WHAT OTHER RESOURCES ARE AVAILABLE IN THE ASSESSMENT OFFICE?
Other resources that are available in the Assessment Office include monthly sales books. These books are organized by style of the property and then alphabetized by street name. These sales books include sales information as well as detailed information about the property.Computers are also available in the Assessment Office to review property information and maps.
WHAT IS THE NEXT STEP AFTER A BOARD OF ASSESSMENT APPEAL IF A HOMEOWNER STILL DISAGREES WITH THE PROPERTY VALUE?
If a homeowner disagrees with the decision of the Board of Assessment Appeals, he/she must make application to Superior Court within two months of the Board of Assessment Appeals’ decision letter.