BRISTOL - Values of property throughout the city are generally up, according to the assessorâ€™s revaluation this year.
City Assessor Thomas DeNoto said 17,933 letters with new property values were sent out Thursday. The revaluation was completed by Oct. 1.
The assessments were â€śmainly based on demand and condition of property,â€ť he said, and the letter added that they are â€śbased upon five yearsâ€ť and 70 percent of the propertyâ€™s market value, but do not â€śreflect any exemptions,â€ť which will be reflected in the July 2018 tax bill.
The revaluation revealed a citywide increase of â€śroughly 5 to 8 percent,â€ť DeNoto said, adding that he noticed some general trends.
Some of those trends, he explained, were that condominium values decreased, waterfront properties on Cedar Lake and apartment buildings with six or more units increased, and commercial properties and shopping plazas on Route 6 and the Route 72 corridor saw â€śmodestâ€ť increases.
Additionally, he said the â€śmajorityâ€ť of industrial property values stayed the same and residential properties on Chippens Hill increased â€śbased on the amount of improvementsâ€ť typically performed on those houses.
The newly assessed property values correlate with property taxes, DeNoto explained, and â€śthe better the condition, the better it supports the appraised value.â€ť
Property tax equals the assessed value of a property multiplied by the mill rate; however, the mill rate that applies to the newly assessed property values has not yet been determined, because a city budget for next fiscal year has not yet been adopted and 2017 Grand List totals - which are the basis of determining the mill rate - have not been completed.
â€śThe Board of Finance will set that mill rate in June 2018,â€ť the letter clarified. â€śDo not multiply the new 2017 assessment by last yearâ€™s mill rateâ€ť because the â€śtax bill could be different,â€ť DeNoto said.
â€śObviously, if the value goes up and the mill rate stays the same, taxes go up, but we have to wait for the budget to settle out, which should happen around the end of May, or early June, in 2018,â€ť DeNoto said. â€śIf we do continue to see the cuts from a state level, that impact to our budget could be a small compounding effect.â€ť
The revaluation was conducted because the city is required to do so every five years to comply with Connecticut General Statutes.
DeNoto said the â€śGrand List lost over $541 millionâ€ť when the 2012 revaluation was conducted, and since then, property values have generally increased because there are â€śa lot of economics going on today.â€ť
This means that at the time banks were more â€śwaryâ€ť about loaning money, he explained, but since then, the Federal Reserve has taken an â€śanti-inflationary stance,â€ť so their â€śfinancing rates will generally stay the same.â€ť
Therefore, banks are now more apt to provide loans and â€śthe marketplace has a lot of development money thatâ€™s seeking out these foreclosed properties to flip the houses,â€ť DeNoto said.
This â€śdefinitely spurred demand in the marketplace,â€ť and caused â€śa lot of purchasers to move away from the sidelines and into the marketplace to take up inventory,â€ť he continued.
However, he added that a lull in the market is expected in the winter months, but a â€śgood marketâ€ť is â€śanticipatedâ€ť in the spring.
For more information about the revaluation, to make sure the assessor has the correct information about a property, or to review information on other properties to compare revaluations, visit ci.bristol.ct.us/assessor.
If there is an issue with a revaluation, or the assessor does not have the correct information on a property, owners can appeal the revaluation by filling out a prescribed appeal form by Feb. 20, 2018, to directly address the matter with the board.
Forms to appeal the revaluation can be found on the assessorâ€™s website when clicking on â€śBoard of Assessment Appeals,â€ť and then on â€śMarch 2018 Hearing.â€ť
â€śWeâ€™re going to work with everyone who wants to sit down and talk about their values,â€ť DeNoto said. â€śWeâ€™ll come out and inspect the property.â€ť
The Board of Assessment Appeals is scheduled to meet in March 2018, and the next revaluation is slated for October, 2022, as long as the state statutes do not change, added the letter.
Lorenzo Burgio can be reached at 860-973-5088 or by email at firstname.lastname@example.org. Follow him on Twitter @burgioBP.