Office of the Assessor
Madison, Connecticut

Hours of Business

Monday - Friday
8:30 a.m. - 4:00 p.m.

Assessor's Office
(203) 245-5652

Staff
Pat Hedwall,
Assessor
Orietta Nucolo,
Assistant Assessor
Melinda Syvertsen,
Assessment Clerk

Assessor Home

Assessment Appeals

Motor Vehicle Pro-ration Information

Revaluation Information

Senior and Disabled Tax Relief

Tax Deferral Program

Veteran's Information and Qualifications

Revaluation

Information about the 2007 Revaluation Project Revaluation
For The Grand List October 1, 2007

Why is a Revaluation being performed in the Town of Madison?

Connecticut general law mandates, (pursuant to section 12-62 of the General Statutes), that all cities and towns perform a revaluation every 5 years. Madison performed the last revaluation in 2002.

What exactly is a Revaluation?

A Revaluation is the process of estimating new values on real estate based on specific rules and current market data. A careful analysis of recent selling prices is conducted to identify and quantify the features that have motivated buyers and sellers in the real estate market. This analysis results in the creation of schedules which are used to value all of the properties in a city or town. These schedules are then statistically tested to verify their ability to predict estimates of cur Tent fair market value, accurately and uniformly. An analysis of current income and expenses supplied by local commercial property owners is utilized in the commercial valuation process. These value estimates are statistically tested and proven.

What is "Fair Market Value?

The American Institute of Real Estate Appraisers defines fair market value as "the most probable price for which a property will sell in a competitive market with buyer and seller each acting prudently, knowledgeably and for self interest and assuming that neither is under "undue duress".

Will my property be inspected?

Possibly. The revaluation company will be inspecting the recent sales of properties within the Town. For properties that are to be inspected, a revaluation company representative will carry identification in the form of a picture ID. In addition, a complete description of the representative's vehicle will be registered with the police department and the Assessor's office.

Any owner that wants to have an inspection of their property performed may submit a written request the Assessor's Office, 8 Campus Drive, Madison CT 06443.

After the sales are inspected, a careful study of the properties and their selling price is performed, and the results are analyzed to create updated tables and schedules that are then used to create fair and consistent values throughout the community.

Must I allow the authorized representative into my home?

It is recommended that you do. In cases where owners are unwilling to allow data to be collected by an authorized representative, estimates will be used to determine full and fair values. It is in the property owner's best interest to allow the representative to inspect the property. Under the appeals process, the burden of proof remains with the owner.

The authorized representative will ask that a field card be signed to indicate that they inspected the interior of the property. The signature does not mean that the person is approving of any of the information that is collected, or of the resulting value placed on the property. It merely verifies that the property was inspected.

When will the Revaluation project be completed?

The project will be completed in the spring of 2008.

Will the Revaluation raise taxes?

Revaluation does not, in itself, increase taxes. It simply provides a basis for the fair distribution of the tax burden among all property owners. The Assessor's office is responsible for assessing each property in a fair and impartial manner as provided by law.

When will this Revaluation affect my tax bill?

The Revaluation will first affect your July, 2008 tax bill. The amount of your new tax bill is calculated by multiplying your new assessed value times the new "mill" rate. Since the new mill rate will not be established until the budgetary process has been completed in May of 2008, it is not possible to estimate your new tax bill at this time.

When will property owners be notified of their new assessed value?

The Revaluation Company will send out notices that have the new values, sometime in October of 2007.

REVALUATION SCHEDULE:

Data Collection & Sales Verification Process:
February 07-September 2007

New assessment Notices Mailed to Property Owners:
October 2007

Informal Hearings
November/December 2007

New Mill Rate Set:
May 2008

Tax Bills Due:
July 2008

What Company is working with the Town on this Revaluation Project?

The Town of Madison has contracted with Appraisal Resource Company to assist with the project. The Appraisal Resource website is located at: http://www.appraisalresource.com . During the process of data collection for the Revaluation, the Town of Madison's on-line data base can still be accessed through http://www.visionappraisal.com

Appraisal Resource
Company Address:
845 Main Street
East Greenwich, RI 02818

1-866-340-2262