New Canaan’s highest elected official said Monday morning that the total value of taxable real estate in New Canaan is expected to decline by about $570 million, from one year ago.
The figure represents a year-over-year decline in the real estate portion of the Grand List of about 7.15 percent, First Selectman Kevin Moynihan said during a regular meeting of the Board of Selectmen, held at Town Hall. (The total Grand List last year, including taxable motor vehicles, was $8.3 billion.)
During an update on the town-wide property revaluation conducted by Fairfield-based Municipal Valuation Services LLC, Moynihan gave an overview of proposed new property assessments in town.
He said that the following preliminary results, supplied to him by the assessor—a property-by-property breakdown can be found here—represent averages of assessed value ranges:
Preliminary Revaluation Results: Averages of Assessed Value Ranges
|$3 million and more||Down 14%|
|$2 million to $3 million||Down 10%|
|$1 million to $2 million||Down 7%|
|$1 million and under||Up 1%|
According to the assessor, 4,861 parcels saw an average decrease of 11 percent, while 2,308 parcels saw an average increase of 13 percent.
Selectman Kit Devereaux asked whether the percentage differences represent changes in the averages of the assessed value of properties. Moynihan said yes. Assessments represent 70 percent of appraised property values.
Town officials have said that those with concerns must contact the revaluation company, not the office of the assessor.
“The revaluation company will review your concerns regarding the proposed new assessment and notify you with a new notice with the results,” according to a bulletin on the town website.
“At that time you will be instructed to review the changes if any, if not satisfied with the outcome from your meeting with the revaluation company, you can file an appeal with the town Board of Assessment [Appeals], the time to file will be on the notice as required by [Connecticut General Statutes].”
For questions or to schedule an appointment for a revaluation inspection please call Municipal Valuation Services LLC at 203-292-5500 or email them at email@example.com.