Revaluation Explained

Revaluation Purpose Overview

A revaluation is the process of performing ad valorem (for the purpose of taxation) appraisals of every parcel in a municipality or taxing district for the purpose of tax equalization. Upon the acceptance by the Assessor of all the appraised values, the values become assessments. The certification of the Assessment Roll becomes the new basis for calculation of the total value of all taxable property in that municipality or taxing districts. The mil rate, which is calculated by dividing the budget total by the assessment total (the worth of all taxable property), can then be determined. Please note that while the focus of this explanation refers to real estate, tangible property totals and excise (motor vehicles) totals are also included in the total assessment when determining the mil rate. A revaluation is mandated by Connecticut State Statute. Previously, municipalities in the State of Connecticut were required to perform revaluations every ten years. The law has been modified to require statistical updates every Five years and full revaluations every Ten years. The methodology and procedures for a revaluation are based on standards set forth in the Uniform Standards of Professional Appraisal Practice and The International Associations of Assessing Offices.

Ad Valorem Appraisal of Real Estate

An appraisal is an estimate of value. The appraisal of real estate is somewhere between an art and a science. Factual data is interpreted by comparison to accepted appraisal tenets and then analyzed for reasonableness. Appraisal projects for ad valorem purposes are often referred to as Mass Appraisals. The usage of…[Click for full PDF]