All property is assessed at 70 percent of market value for local property tax purposes. To ensure that all property owners pay their fair share of taxes, according to the value of their property. The State of Connecticut now requires that cities and towns perform a revaluation every four 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 Assessors job, along with the assistance of a Revaluation Company, 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. There are specific guidelines to follow. Revaluation does not affect your taxes yet, but will as of July, 2001.