FAIRFIELD, Conn. -- After inspecting and determining the value of more than 20,000 properties, Fairfield will soon enter the final informal and formal hearing phases of its two-year revaluation process.
During the revaluation, the Assessor’s Office and Vision Government Solutions Inc., the town's revaluation contractor, looked at Fairfield as 19 distinct neighborhood areas and studied market values, real estate transactions, building permits, and other data to determine the value of every property as of Oct. 1.
The goal of revaluation is to maintain equity and uniformity within all property classes. Based on the results of the revaluation, 10 percent of residential property assessments will not significantly change from 2010 levels, 50 percent will decrease, and 40 percent will increase.
By state law, the purpose of a revaluation is to bring the overall level of assessment for all property classes to the required 70 percent ratio of a property’s market value. To accomplish this, the revaluation company analyzes the qualified market sales from Oct. 1, 2014, to Oct. 1, 2015. If additional sales are needed they go back another 12 months to October 2013.
Total residential property assessments declined 2 percent from 2010 levels in town. Total commercial/industrial property assessments did not significantly change.
The final 2014 real estate Grand List based on 70 percent of Oct.1, 2010, market value is $10,233,001,023.
As of Nov. 5, the real estate Grand List based on 70 percent of Oct. 1, market value is $10,037,441,420, representing an overall 1.9 percent decline townwide.
Residents should note that the 2015 Grand List has not been finalized because the process includes informal and formal appeals for property owners.
Additionally, the motor vehicle and personal property components of the 2015 Grand List are not yet complete. The final Grand List will be released in early 2016.
Property owners will receive a notice of their new Oct. 1, 2015, assessment on or about Nov. 14 to Nov.18.
Anyone who disagrees with their new assessment value will have an opportunity for an informal hearing to discuss their property’s market value.
The informal hearings will take place at the Bigelow Center for Senior Activities, 100 Mona Terrace, by appointment only from Nov. 18 through Dec. 18.
To schedule an appointment for an informal hearing, taxpayers should go to: www.vgsi.com/schedules and follow the instructions.
Do not call the Assessor’s Office to schedule appointments or discuss new assessments. If you do not have access to a computer or have more than two parcels you wish to discuss, you may call Vision Government Solutions Inc. at 1-888-844-4300 from 9 a.m. to 4 p.m. weekdays.
The results of the informal hearings are scheduled to be mailed in early January.
Owners who are not in agreement with the results of their informal appeal hearing may formally appeal their assessment at the Board of Assessment Appeals hearings to be scheduled in March 2016. Appeals to the Board of Assessment Appeals must be received in the Town Assessor’s Office by Feb. 19, 2016.
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