Observations On Revaluation

To the Editor

It has been stated that there is a shortage of smaller homes in Newtown resulting in them being valued higher in comparison to a large home.

Some of the owners of smaller homes are of modest or fixed income, and these are the very people being taxed the highest as their property values have risen out of all proportion to the size of their homes.

The true value of a home should not be based on its market demand but what it would cost to build it today, as is, taking into account improvements or deterioration. In other words an insurance replacement valuation.

We are stuck now with this revaluation for the next five years. What happens if in two years time the economy improves and the larger homes are the ones sought after. The small homes will become less marketable but the owners will still be paying very high taxes on homes of lower value.

Marjorie Aitchison

8 Lake Road, Newtown                                              March 26, 2003