New London property revaluation set to begin in spring

New London – The city has hired Vision Government Solutions Inc. to conduct its state-mandated property revaluation program.

The revaluation is conducted every five years for assessment purposes, and data collection in New London will start in the spring. The revaluation will establish market values for the October 2018 grand list of taxable property and will be reflected in tax bills issued in the summer of 2019.

Vision staff members will visit and inspect all properties that have recently sold or have open building permits.

Data collectors will record exterior measurements and conduct interior inspections. They will carry a letter of identification from the assessor’s office as well as a photo identification badge, and their vehicles will be registered with the New London Police Department.

“A revaluation program is undertaken to secure a more equitable distribution of the tax burden, to bring the assessment level up to date, and to modernize assessment procedures,” said Tax Assessor Paige S. Walton, in a written statement.

The program is also intended to ensure uniformity in real property valuations by eliminating inequities that may have developed since the previous revaluation, she said. Walton declined to speculate on whether she thought property values would go up or down as a result of revaluation.

All property owners and tenants are asked to cooperate with data collectors to ensure that accurate information is used in the revaluation process.

The last revaluation occurred in 2013 and led to a 35 percent decrease in real estate values, according to reports at the time. Single-family homes lost 23 percent of their value on average, and residential vacant lots 18 percent, condominiums 25 percent and two- to four-family homes lost 36 percent. 

Property owners with questions concerning the revaluation process can contact the Assessor’s Office during working hours at 860-447-5216. The city assessor’s office plans to keep the public informed of the progress of the revaluation.

Look for additional data on the city assessor’s web page at www.ci.new-london.ct.us

 

READER COMMENTS

Loading comments...
Hide Comments