Home News New Britain Herald – ERIN STEWART: Residents can expect new real estate property assessments

New Britain Herald – ERIN STEWART: Residents can expect new real estate property assessments

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Mayor of New Britain

You may have heard the rumors around town about the upcoming property revaluation process. That’s why I wanted to use this month’s column to clarify what this means and give you more information about what to expect.

Under Connecticut law, each town must conduct a revaluation of all properties in its town or city every five years, with the last revaluation being in New Britain in 2017. We will be revaluing all properties in New Britain. MUNIVAL is a Connecticut accredited revaluation firm that analyzes recent sales data, reviews calculated values, and meets with the public to answer questions regarding the methods used and the evaluations concluded.

The effects of volatile markets and inflation are inevitable and affect every aspect of our lives. So what does this mean for property owners in New Britain? With the current property market conditions, single-family home values ​​are expected to rise by around 56%, while multi-family homes are expected to rise by about 56%. It is expected to increase in the range of 60% or more to 80% or more depending on But don’t worry. We have been through this process before and will do everything we can to protect taxpayers.

First, we look at the impact of the revaluation on the July 2023 tax amount. The new tax amount will be calculated by multiplying your property’s new valuation by the new milling rate. The new factory tax rate will not be established until July 1, 2023, so the new tax amount cannot be estimated at this time. Do not try to apply your current tax rate to the new tax rate you receive as this will result in inaccurate future tax calculations.

Here’s what the appeal process looks like. The New Britain Appraisal Office mails appraisal notices to all New Britain property owners around mid-November. An informal hearing to challenge the new evaluation will take place in December, and he will have 10 days to schedule with MUNIVAL after he receives notice at munival.com/appointments. He can also contact MUNIVAL at 203-292-5500 if he has any questions or would like to schedule an appointment to contest the new rating.

We know this is a lot of information, so we’re hosting a special Re-evaluation Facebook Live on November 29th at 12:00pm to walk you through the process with Assistant City Assessor Tim Hatwagner, We answer your questions about how re-evaluation works. affect you. This Facebook Live will be streamed on my Facebook page (@ErinStewartCT) and on her Facebook page in the City of New Britain (@NewBritainCT).

Rest assured, I will be on the side of the property owners here in New Britain to help guide them through this process. We will do everything we can to minimize the economic impact.

Erin Stewart is the mayor of New Britain

Posted in New Britain Herald, column, New Britain Friday, November 11, 2022 at 09:34. Update: Friday, November 11, 2022 09:36.

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