Revaluation Is Done, Home Assessments Climb About 35 Percent

By John Voket

Newtown Assessor Thomas DeNoto announced this week that the latest round of state mandated residential revaluations are complete.

“The grand list was signed off on January 31,” Mr DeNoto told The Bee Tuesday. According to the assessor’s office, the average weighted home revaluation came in 35 percent higher, with condos following closely at 37 percent.

Commercial revaluations, however, will drive a significantly greater tax generator after increasing an average of 55 percent.

Mr DeNoto reminds residents who have received their increase notifications that the property revaluation does not in and of itself increase taxes.

“Reval updates values on a technical scale,” he said. “If your ranch-style home was assessed at $250,000, and you added a $10,000 barn, the assessed value of the property has increased.”

By the same token, if a home was worth $250,000 in 2001, and at the height of the real estate bubble in 2004 it soared to $350,000, and has settled back to $325,000 as the market corrected, homeowners should expect a corresponding assessment to the last, best valuation.

That is why the revaluation is formulated to accommodate average increases going back 60 months, Mr DeNoto explained.

“The economy hit the brakes in 2006 and 2007, but the reval is based on appreciation over the past five years, not 24 months,” he said. “Don’t forget, back in 2002 to the end of 2005, available homes in Newtown were hard to find, and that lack of inventory drove up land values.”

The grand list increases would have topped 60 percent if the residential inventory shortages of 2002–2005 continued to the end of 2007, according to the assessor.

The grand list reflects mostly subtle changes, until the new 2007 residential values are applied reflecting a 29.185 percent jump. That document also reflects the downward trend in residential accounts, dropping from 101 new homes in 2004 to 27 in 2007.

“You can see the growth dropping, mirroring the national economy situation,” Mr DeNoto said.

Since new valuations were sent to property owners, his office has overseen 660 residential hearings for homeowners looking for lower valuations, and 50 commercial appeals. The relatively low number of homeowners coming forward to pitch for lower rates, Mr DeNoto said, shows the values fixed in his latest database are well supported.

Any resident wishing to come forward for an assessment appeals hearing has until February 20 to apply, and Mr DeNoto said he will personally be involved with as many appeals as possible, to lighten the load for the short-staffed volunteer appeals board.

“Everybody will be well afforded their rights. I encourage anyone with concerns to just come forward with supporting documentation,” he said.

The assessor said property owners who can show directly comparable properties with similar attributes receiving substantially lower new assessments will likely fare better in the appeal.

“Taxpayers can even use market analyses or real estate appraisals made within the past two years,” he said.

Residents with questions can call 270-4240 during weekday business hours with questions, or to schedule an appeal before the deadline of February 20, 2008.