Revaluation shows rise in Bristol property values

Published on Monday, 4 December 2017 22:09
Written by Lorenzo Burgio

STAFF WRITER

BRISTOL - Values of property throughout the city are generally up, according to the assessor’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 “mainly based on demand and condition of property,” he said, and the letter added that they are “based upon five years” and 70 percent of the property’s market value, but do not “reflect any exemptions,” which will be reflected in the July 2018 tax bill.

The revaluation revealed a citywide increase of “roughly 5 to 8 percent,” 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 “modest” increases.

Additionally, he said the “majority” of industrial property values stayed the same and residential properties on Chippens Hill increased “based on the amount of improvements” typically performed on those houses.

The newly assessed property values correlate with property taxes, DeNoto explained, and “the better the condition, the better it supports the appraised value.”

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.

“The Board of Finance will set that mill rate in June 2018,” the letter clarified. “Do not multiply the new 2017 assessment by last year’s mill rate” because the “tax bill could be different,” DeNoto said.

“Obviously, 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,” DeNoto said. “If we do continue to see the cuts from a state level, that impact to our budget could be a small compounding effect.”

The revaluation was conducted because the city is required to do so every five years to comply with Connecticut General Statutes.

DeNoto said the “Grand List lost over $541 million” when the 2012 revaluation was conducted, and since then, property values have generally increased because there are “a lot of economics going on today.”

This means that at the time banks were more “wary” about loaning money, he explained, but since then, the Federal Reserve has taken an “anti-inflationary stance,” so their “financing rates will generally stay the same.”

Therefore, banks are now more apt to provide loans and “the marketplace has a lot of development money that’s seeking out these foreclosed properties to flip the houses,” DeNoto said.

This “definitely spurred demand in the marketplace,” and caused “a lot of purchasers to move away from the sidelines and into the marketplace to take up inventory,” he continued.

However, he added that a lull in the market is expected in the winter months, but a “good market” is “anticipated” 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 assessor’s website when clicking on “Board of Assessment Appeals,” and then on “March 2018 Hearing.”

“We’re going to work with everyone who wants to sit down and talk about their values,” DeNoto said. “We’ll come out and inspect the property.”

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 lburgio@bristolpress.com. Follow him on Twitter @burgioBP.



Posted in The Bristol Press, Bristol on Monday, 4 December 2017 22:09. Updated: Monday, 4 December 2017 22:12.