New Canaan Revaluation: Residential Property Values Could Drop

NEW CANAAN, CT — As the town prepares for its latest property revaluation, First Selectman Kevin Moynihan says that residential property values could drop by more than 5 percent, which could result in tax increases.

"Indications are that total residential property values (the Grand List) in New Canaan will decline by more than 5 percent due to a decline primarily in high-end home values (over $2 million) resulting from economic changes in Fairfield County and the Financial Services industry locally and in New York City," Moynihan told Patch in an email.

As such, the drop "will result in an increase in the mil rate of more than 5 percent, and the overall tax burden to support the Town’s budget will be redistributed among taxpayers."

In addition to the decline in values, Connecticut homeowners - particularly those in more affluent communities - are likely in for a rough upcoming tax season due, in part, to changes in state and local tax (SALT) deductions that residents can claim.

Connecticut municipalities typically conduct property revaluations every five years.

Below is the town's release on the upcoming revaluation:

The Town of New Canaan has engaged Municipal Valuation Services (MuniVal) to conduct the 2018 property revaluation. MuniVal provides revaluation services for municipalities throughout Connecticut. All valuation work is completed by three MAI appraisers with over 60 years combined appraisal experience.

A revaluation is done every five years to establish a current market value of property. The
Town uses 70% of that valuation to establish the assessed value the property. The assessed
value of all taxable properties, or the Grand List, is used in the calculation of the Town’s mil rate and it determines the equitable amount of tax that needs to be billed in support of the
approved Town budget for FY 2019-20. At this time, MuniVal is nearing completion of the
revaluation of all real estate within the Town.

MuniVal will hold an informational session open to the public on Thursday, December 13,
2018 at 7:00 PM in Town Hall, 77 Main Street, New Canaan, in the Town Meeting Room to
explain the valuation process.

The effective date of the New Canaan revaluation is October 1, 2018. All property owners will
receive an individual notice indicating their new assessment. The new assessment notices will be mailed out by the revaluation company early in December 2018. The assessment will
represent 70% of the established new property value.

When you receive your notice, please follow the instructions on the notice if you have
questions. You must call MuniVal, the revaluation company, to schedule an appointment if you wish to meet with them to discuss your proposed new assessment. Please bring any pertinent information such as photos, recent appraisals, and comparable sales data with you to the appointment. The revaluation company will review your concerns regarding the proposed new assessment and notify you with a new notice of appraisal providing the result of their reconsideration of your assessment.

At that time, you will be instructed to review the changes, if any. If you are not satisfied with the outcome from your meeting with the revaluation company, you can file an appeal with the Town’s Board of Assessment Appeals. The time to file and how to file an appeal will be on the notice.

Please do not call the Assessor’s office with questions related to the new assessment you
receive or to schedule an appointment. You must call MuniVal, the revaluation company, to
schedule an appointment to meet with them to discuss your proposed new assessment. For
questions please call MuniVal at 203-292-5500 or email them at
newcanaanreval@munival.com.

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