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A revaluation is a systematic process of performing a Market Analysis to determine accurate and equitable values for all taxable and tax-exempt properties within a municipality as of a specific date. The primary purpose of a revaluation is to eliminate any assessment inequities that may have developed since the implementation of the last revaluation (2018). The purpose of a revaluation is not to raise taxes. It is to create an equitable distribution of the tax load.
The Grand List is a listing of all assessed properties in a particular Town.
Buyers and Sellers determine Market Value. The estimated market value of your real property is based on an analysis of the market for the full year prior to the completion of the revaluation project. Your real property’s assessment is based on its estimated fair market value at the time of revaluation.
Appraisers will analyze the recent sales in order to make comparisons and set valuation parameters (models) which will be utilized to estimate the value of properties.
Each property owner will be mailed a notice of the new assessment in November 2023.
Some factors are: location, size, quality of construction, age of improvements, etc.
Your field card contains a detailed list of factors used for your property.
The “Field Card” or “Assessor’s Card” is available in the Assessor’s Office. A summary of your field card can be found online at: https://gis.vgsi.com/madisonct/search.aspx.
Compare your properties to similar properties in your area that sold in the previous year. Your value should be in-line with these sale prices. You can review the field cards for these sales in the Assessor’s Office or a summary of the field cards online at: https://gis.vgsi.com/madisonct/search.aspx.
If you believe that the new estimated fair market value does not accurately reflect the fair market value of your property for the October 1, 2023 Grand List, the first step is for you to contact the Revaluation Company. Included in the November 2023 notice will be instructions on how to schedule an appointment with Vision Government Solutions, Inc. for an Informal Hearing to review your new assessment. A member of the Revaluation Company will go over your property record card with you. No decisions will be made at the time of your hearing. A notice will be mailed to you once your information has been reviewed.
During the hearing, the property owner can voice their concerns. Bring whatever documents, calculations and other evidence you believe correctly determines the value of your property. An appraiser will make the determination as to whether an additional inspection is necessary. Those attending a hearing will receive a notice.
Connecticut State Law provides for a municipal Board of Assessment Appeals. If you feel that your assessment is incorrect for any reason, you have the right to file a Petition to the Board of Assessment Appeals. The petition must be filed in the Assessor’s Office on or before February 20th. The Petition Form will be available online at www.madisonct.org/Assessor (under Assessment Appeal) or in the Assessor’s Office. Only individuals who have completed and filed a timely Petition Form will be granted a hearing before the Board of Assessment Appeals. If an agent represents you, a Notarized Agent Form must be on file with your petition or brought to your hearing. It is recommended (as you did in the Informal Hearing) to bring whatever documents, calculations and other evidence you believe correctly determines the value of your property. The Board may want to schedule a site visit to your property.
Members of the Board are elected for four year terms. There is a five member Board. They are required by law to be electors, or residents of Madison. A current listing of Board of Assessment Appeal members can be found on the Town’s website.
The Board has the authority, by way of a simple majority vote, to change your assessment for a period of one year. Note that this is not a permanent change and you should not expect that it will automatically be repeated next year.
You may appeal the Board’s decision to a Court of Law.
The law requires that the Revaluation Company (and the Assessor) assess/appraise property. As sympathetic as we may be, State Law does not permit us to take matters of hardship into consideration. However, there are Connecticut State Statues that provide tax relief for qualifying persons who are disabled and/or over 65 years of age. There are also other Statutes that provide exemptions for those who are veterans, disabled and blind.
If you have any questions regarding these programs, please call the Assessor’s Office at (203) 245-5652. There is also information available on the Town’s website www.madisonct.org/assessor.
The revaluation will be effective for the October 1, 2023 Grand List. The tax bill you receive in June of 2024 will be based on your new assessment.
During the town budget process, the financial needs of the town are examined on a department-by-department basis. The Board of Selectmen and the Board of Finance arrive at a final budget (which is funded primarily by property taxes). This budget must then be approved by referendum. The Board of Finance then sets the Mill Rate, which is the dollar amount of tax due per $1,000 for assessed property in town.
Pursuant to C.G.S. 12-62a(b) “Each such municipality shall assess all property for purposes of the local property tax at a uniform rate of seventy per cent of present true and actual value…”. Your tax bills would be calculated as follows:
Please see examples of tax bill calculations below:
For the Grand List year of 2021, the Mill Rate in Madison was 29.41.
$450,000 x 0.70 = $315,000 x .02941 = $9,264.15 Appraised Assessed Mill Rate Tax Bill
For the Grand List year of 2020, the Mill Rate in Madison was 28.85.
$450,000 x 0.70 = $315,000 x .02885 = $9,087.75 Appraised Assessed Mill Rate Tax Bill
The Mill Rate, for the Grand List of October 1, 2023, will be set in May 2024 after the fiscal year 2024-2025 Town Budget has been approved.