January Real Estate Thoughts
|With a new year one might consider reviewing property tax bills anticipating as we sense prices always seem to rise. However, your taxes on your properties don’t necessarily have to, do they? |
Here are a few articles I thought you might find interesting and peruse if you thought your property taxes are a bit too high. Every year before February 20th in every community in Connecticut a property owner should consider deciding whether or not their property’s valuation is too high or fair. SO take a look at your recently received notice from the Assessor or the town.
If all of this loses your interest and you have no real estate desires then Please just unsubscribe at the bottom of the page, and we will not send you these real estate related matters, OK? IN the meantime- ONLY THE BEST
AD VALOREM TAX * - You Have Less than 33 DAYS to Start YOUR Tax Appeal
Your taxes are a critical expense of your property’s cash flow. Is your assessment fair and equitable? REVIEW & Look at your assessment figures TODAY.
Every year before February 20th in every community in Connecticut a property owner should consider deciding whether or not their property- be it a personal residence, multi-family or other investment properties might be over assessed and, thus the tax bill might be too high.
Refer to my last year’s winter article about this process to understand what you need to do methodologically to go about having some relief on your taxes. Review and figure out if it is worth the effort, time and $ to pursue.
Did the Assessment process as of October of last year properly assess your property – was it treated objectively and fairly and were there any mistakes listed on the building amenities , square footage, usable or net square footage?
Did a new Revaluation occur which is required every 5 years in each CT community? It’s always best to start the process at the beginning of the new 5-year cycle. For instance, Hartford, just had a new revaluation. Most likely your figures went up because their last revaluation was during the aftermath of the recession in October 2011.
Don’t delay. Start the process now. Go talk to your Assessor and the office that puts together the Assessment numbers and ask specific questions as to where, how, and why they “picked” the numbers. And most importantly make that appointment with the folks that set these assessment numbers in place more formally before the February 20th deadline to protect your rights.
www.MarcGottesdiener.com Hartford’s Real Estate Counselor 877-HERE’S-Help January 2017
Next time- how to go about the assessment challenge
*Ad Valorem tax-1.a tax levied in proportion to the value of the property being taxed (USPAP) 2. A tax levied in proportion to the value of the thing(s) being taxed; generally refers only to property taxes, although technically the term is applicable to income taxes, ad valorem tariffs, special property taxes, etc… Exclusive of exemptions, use value assessment provisions and the like, the property tax is an ad valorem tax.