2018 Revaluation
Letter: Revaluation Targets Condos, Seniors
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The New Canaan real estate property revaluation has raised the value of condominiums by an average of 9 percent, counter to the town-wide Grand List decline of 7 percent. This 16 percent delta, plus an anticipated mill rate increase, will surely increase property taxes on condos by 20 to 25 percent.
Condos are owned by seniors. At Prides Crossing, more than 90 percent of units are owned by residents older than 65, and 50 percent are single. The revaluation will increases the monthly (tax) carrying cost by at least $200 per month for our smallest unit. In the condo market, monthly increases in expenses directly correlate to lower market sales and values.