Connecticut Administrative Code › Title 12 - Taxation › 62i - Performance-Based Revaluation Testing Standards and Certification of Revaluations Performed by Towns › Section 12-62i-4 - Procedural testing standards

Current through July 10, 2024
(a) Prior to
			 finalizing a revaluation, the assessor and the company, if any, employed by the
			 town, shall conduct the following procedures during the revaluation program:
(1) Management
A written revaluation project plan shall be developed prior to
				the commencement of the revaluation and updated as necessary during the course
				thereof. The project plan shall include, but is not limited to, a list of
				project activities, person(s) responsible for each activity and the time frame
				of each activity. Periodic reports on the progress of the revaluation project
				plan shall be completed by the assessor and shall be filed in the assessor's
				office. Each such report shall chronicle the work completed and the work
				remaining for each activity.
(2) Property Inventory
(A) The cadastral maps shall be up to
			 date.
(B) Each real estate parcel
			 shall have a property record file, which should be computerized. Each property
			 record file shall contain the following data, as applicable:
(i) parcel size
(ii) current land use
(iii) zoning classification of
			 parcel
(iv) site characteristics
			 that contribute to the value of the land
(v) neighborhood code
(vi) building size
(vii) construction quality or grade
			 classification
(viii) year
			 built
(ix) condition of the
			 building(s)
(x) significant
			 building characteristics, such as number of stories, height, construction type,
			 and wall type
(xi) other
			 characteristics that contribute to the value of the building
(xii) other structures or improvements that
			 may exist on the parcel, such as a swimming pool, fencing, garage, or
			 shed.
(C) Each land or
			 building characteristic having a qualitative attribute shall have an
			 alphanumeric code.
(D) A property
			 inspection system shall be maintained.
(E) A building permit monitoring system shall
			 be maintained.
(F) A quality
			 assurance program consisting of:
(i) a data
			 collection manual that explains how to measure structures and how to select the
			 most appropriate property characteristics of those available;
(ii) a data review program to ensure all
			 essential property characteristics are entered into the property record
			 file;
(iii) an audit trail for
			 either manual systems or computer systems that tracks changes in property
			 records, who made the change, when the change was made and the value previous
			 to each change.
(3) Compiling Market Value Data
(A) A file of all real property sales
			 transactions for the sales time period used shall be established. For each such
			 transaction the following information shall be included in the file: parcel
			 identification number, property location, United States Census Bureau census
			 tract number, date of sale, sales price, property assessment as of the date of
			 the sale, property class, and any other salient property characteristics as of
			 the date of the sale. The sales price of the property and its condition as of
			 the date of the sale should be verified, if possible, with the buyer or
			 seller.
(B) If the sale property is
			 not considered a market sale as delineated in subdivision (9) of section
			 12-62i-1
			 of the Regulations of Connecticut State Agencies, the file shall contain the
			 reason for such determination.
(C)
			 The file may reflect an adjustment to the property sales price. The reason(s)
			 for the adjustment shall be documented. Reason(s) for such an adjustment shall
			 include, but are not be limited to:
(i) The
			 fact that personal property is included in the transaction;
(ii) The existence of a lease that does not
			 represent market rent, as defined in section
			 12-63b
			 of the Connecticut General Statutes; and
(iii) The effects of price changes reflected
			 in the real estate market between the date of sale and the assessment date that
			 is the effective date of a revaluation.
(D) A file of income and expense statements
			 submitted in accordance with section
			 12-63c
			 of the Connecticut General Statutes for the two-year period prior to the
			 assessment date that is the effective date of a revaluation shall be
			 maintained.
(E) If the cost
			 approach to valuation is utilized for the revaluation, all building cost
			 schedules, which shall reflect local construction costs as of the effective
			 date of the revaluation, shall be maintained in the assessor's
			 office.
(F) Market Analysis and
			 Valuation
(i) All parcels shall be stratified
			 according to property class and neighborhood.
(ii) Market sales analysis for market value
			 trends and price level changes during the sales time period shall be
			 conducted.
(iii) If the cost
			 approach method of valuation is utilized, market sales data should be used to
			 develop schedules of depreciation.
(iv) Criteria for the identification of
			 comparable properties shall be established, documented and used.
(v) For each parcel of property, more than
			 one acceptable appraisal methodology should be used, if possible, to determine
			 its market value. For each vacant land parcel, the direct sales comparison
			 appraisal methodology should be used for revaluation purposes.
(vi) Neighborhoods should be delineated on
			 maps that display unit values for land valuation or are indexed to land value
			 tables.
(vii) For each residential
			 property, the direct sales comparison appraisal methodology should be used for
			 revaluation purposes. The cost approach may be used if, in the judgement of the
			 assessor, insufficient comparable market sales data exist for valuation
			 purposes.
(viii) For each
			 commercial or special use property, the income and/or direct sales comparison
			 appraisal methodology should be used for valuation purposes. The cost approach
			 may be used if, in the judgement of the assessor, insufficient comparable
			 market sales or income data exist for revaluation purposes.