1	"Town of Madison Public Hearing..." Town of Madison Public Hearing on Revaluation Process Tuesday, October 16, 2007 7:30 pm Polson Middle School Auditorium
2	Introductions John Hocking Project Manager, Appraisal Resource Co. Pat Hedwall Madison Tax Assessor Rich Nagle VP Revaluation, Appraisal Resource Co.
3	Tonight’s Topics: Revaluation The Process General Results for Madison Upcoming Important Dates
4	October 25^th Public Hearing Presented by Madison Town officials A Presentation of the Tax Impact of Revaluation How do I figure out the impact the revaluation has on my property? What will be the impact on the mill rate?
5	John Hocking, Project Manager 30 Year Revaluation Career 2005 -Present Appraisal Resource Company 1983-2004 Cole Layer Trumble, Connecticut 1977-1983 STA Revaluation Company, Massachusetts 2000-2003 Residential Field Supervisor, Nassau County New York Project, for Cole Layer Trumble. Oversaw the Data Collection, Quality Control, Review, and informal hearings for 380,000 Parcels
6	Why and When… Connecticut general law mandates, (section 12-62 of the General Statutes), all cities and towns perform a revaluation every 5 years. Madison performed the last revaluation in 2002.
7	What Exactly is a Revaluation? Estimate new values on Real Estate based on specific rules and current market data Who’s rules? IAAO (International Association of Assessing officers) State of Connecticut guidelines Regional methodologies tested over time
8	What is a Revaluation, continued… 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. The analysis results in the creation of schedules which are used to value the properties. The schedules are statistically tested to verify their ability to predict estimates of current fair market value, accurately and uniformly.
9	Why is it important? Since all assessed valuations are based on sales as of a certain date, later changes in the market will gradually make assessments out of step with the real estate marketplace. The rise and fall of real estate values make certain properties more valuable or less valuable, in relation to each other.
10	Why is it important continued… Doing a revaluation every five years brings the assessments into line sooner, and provides a quicker correction to assessments when markets boom or quickly lower. It makes the assessment of property taxes fairer, more accurate, and avoids the "sticker shock" of ten year jumps in valuation.
11	Project Scope Public Information Mailer, November ’06 Measure & Inspect 1 year of sales Inspect recent building permits Data mailers sent to property owners Valuation analysis, 2 years of sales Field review, all parcels Informal hearings, November ‘07
12	Madison Property Count Residential 7341 Commercial 377 Industrial 7 Public Utility 8 Vacant Land 279 Use Assessment 174 Apartments 6 Total 8,192
13	Recent Sales
14	Madison Sales Trend (Courtesy of the Warren Group)
15	Madison Trend Continued (Courtesy of the Warren Group)
16	www.thewarrengroup.com
17	Recent Sales Continued
18	Data Mailers
19	Data Mailers continued…
20	Data Mailers continued… Mailed Approximately 7500 Received back approx 3000 Approximately 50% of returned data mailers had adjustments Adjustments were entered into the database
21	How are properties priced? We analyze: Land sales Sales of land with buildings Building costs Condominium sales Business Income & Expense statements
22	What about Land values? Land values can vary dramatically based on: Location Zoning Waterfront, View, Partial View Topography, Easements, Wetlands
23	What about the Waterfront Can have varying effects on sales price, depending on the neighborhood. Will be based on the selling prices in the local neighborhood.
24	Applying a Land Price
25	Highest Land Price
26	Lesser Value off Water
27	Lowest Value with No View
28	Different Waterfront Prices Not all waterfront is the same Differences depend on view, size, type of frontage, and proximity of other properties All must be based on sales prices
29	Connecticut/IAAO Requirements For a revaluation project CT/IAAO Median ASR – .90-1.10 (Assessment to Sale Ratio) Madison 1.0
30	ASR? Assessment to Sale Ratio Example: 100 Maple Street: 2002 Assessment $350,000 2007 Sale $475,000 2007 Assessment $464,000 2002 ASR 350,000/475,000 = 74% 2007 ASR 464,000/475,000 = 98%
31	Sales Ratio Chart Showing the new appraised values for the recent sales * Assessments will be 70% of new appraised values
32	How will I find out my new value? At the end of the Revaluation, a notice will be sent to every property owner advising them of their new value. The Madison notices will be mailed approximately at the end of October
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35	How can I tell if my value is correct? Compare your value to similar properties in your area which have sold. Compare to recent appraisals you have had on your property for mortgages or refinancing. Note that prices trend both up and down, so an appraisal > 1 years old needs to be adjusted.
36	Why can similar properties have different values? Location Desirability of the neighborhood External influences Traffic, schools, waterfront, view Buildings Size of the buildings Quality of construction Condition Amenities
37	Suppose I disagree with my value? On the notice will be a toll free telephone number which you can call and arrange an informal hearing with our company. Personal hearings will be made by appointment with everyone who requests one.
38	What should I bring to the hearing? Any documents or evidence that supports your claim. This includes: Recent real estate appraisals Any documents regarding easements, wetlands, etc. Photographs or documents that relate to structural or other problems. (please bring in copies, we cannot return originals)
39	Keep in mind… No adjustments are made at the hearing. We will listen, and collect any info you have that relates to the value of your property. All properties that had a hearing are reviewed and adjustments are made where appropriate. The hearing officer will be discussing property values and will not have information regarding tax rates.
40	Then what happens? Those who attend a hearing will receive a notice (by mail), indicating whether their assessment has been changed, and, if so, what the new value is. If a property owner is still not satisfied, they have the right to appeal to the Madison Board of Assessment
41	New values online? Yes… At the same time that the new assessment notices are mailed, the new assessments will be online at… www.madisonct.org or www.appraisalresource.com Not - www.visionappraisal.com
42	For more info… www.madisonct.org 203-245-5652 Monday-Friday 8:30am to 4:00pm
43	October 25^th Public Hearing Presented by Madison Town officials A Presentation of the Tax Impact of Revaluation How do I figure out the impact the revaluation has on my property? What will be the impact on the mill rate?
44	Thanks for attending! Questions…… www.appraisalresource.com