jump in value within a year... almost double the previous year? Does that effect the property taxes you pay each year (built into your mortgage payment)?
Has anyone ever appealed and won? If so, how did you fight it?
**Asking for a friend**
Usually the town won't/can't raise your assessment except at the conclusion of the five-year revaluation of all town properties. That only changes, I believe, if you have built on an addition, or in some way constructed some new feature on your property. Then, as part of the P&Z approval, they can change the valuation. Otherwise, it's supposed to stay put until after the 5-year reval.
The value of your property can go up precipitously if similar properties in your neighborhood have recently sold at a big increase, and that suggests that your property is similarly undervalued in terms of market price. Remember that your tax payment is based on the estimated market value of your property timex 70%. And the town's budget is divided into the collective valuation of all taxable properties in the town (less than half of all properties in New Haven and Hartford are taxable). So even if the value of the town's taxable properties goes up 50%, if the budget only goes up 3%, then the mill rate goes down. Of course, the tax you pay will go up by the factor of your property's valuation times the 3% budget increase.
There should be a board of appeals that hears your complaint regarding the large tax increase. Keep in mind that assessors do make mistakes. Often they don't go inside a property, but only guess from the outside. Sometimes they're off by using the wrong comparable property. So a significant percentage of appeals are successful.
But before going before the board of appeals, you should get "the card" on your property from the town clerk's office. That will show lots of information, including the basis upon which the change was made, the zone and sub-zone of your property, and a code for any factors that would diminish or enhance the value. Being close to a train line could be a factor reducing the assumed value.
About ten years ago, the "reval" was so messed up in Westport that the entire town had to do it over.
But try to have an off-the-record conversation with the assessor to find out their reasons for increasing your valuation before you make an appeal. It could be that other homes in your area sold for big increases. In Greenwich, for example, mega-mansions in what is called "back country," or northern Greenwich, though they cost an arm and a leg, have seen massive declines in their valuations. Homes once purchased for $7-10 million are now being sold for $3-5 million. Or less. On the other hand, small plots with average type homes south of Route 1 have risen in price. But the key is that it is all divided by the town budget. So the drop in valuations by the mega-mansions has to be made up by shifting the burden to the smaller middle-class or upper-middle class homes. So those neighborhoods have seen an inordinate increase in their valuations and mill rates.
Good luck. Even if the clerk sends you a letter with a lower valuation, you could still appeal that valuation. But you have to do it within a specified time period. Or else wait until the next year's appeal period.
Good luck. At least your house is going up in value, which is not the case with a lot of homes in our state. Doesn't help cash flow, and you'll get hit with the cap on SALT deductions recently implemented by the feds. But, oh well....
