What is Revaluation?
Revaluation is the process of estimating the Fair Market Value of all Westport properties as of October 1, 2005. Fair Market Value is the most probable price which a property should have brought on October 1, 2005 in its current condition and in its present location. The purpose of a revaluation is to ensure that the value of your property and that of your neighbors on your street, in your neighborhood and throughout the Town is equalized and updated to reflect this current Fair Market Value.
Why is Revaluation needed?
Connecticut General Statute Sec. 12-62(b)1 mandated that Westport conduct a Revaluation as of October 1, 2005, and every Five (5) years thereafter.
How does revaluation affect my taxes?
Revaluation estimates the Fair Market Value of your property as of its effective date. The Fair Market Value of your property is estimated from recent open market sales of comparable properties. The Fair Market Value is the basis for your assessment, which is a uniform percentage (70%) of Fair Market Value on which your property taxes will be based.
Revaluation affects your taxes by updating the estimate of your property's Fair Market Value, which serves as the basis of your property's assessment.
How does the Assessed Value of my property relate to my taxes?
The assessed value of your property is multiplied by a mill rate to determine the property tax.
What is a Mill Rate?
Property taxes are determined by using a "mill" rate. A "mill" is equal to $1 per each $1000 of assessed value. For example, if your assessment is $500,000 and the mill rate is 16 mills, $16 x 500 (1,000's), your property taxes would be $8000.
How do I find out what the mill rate will be?
The mill rate in Westport for fiscal year 2005/2006 is 21.3. The new mill rate for fiscal year 2006/2007 won't be established until the Board of Finance and the RTM approves the new town budget and mill rate in the spring for the coming fiscal year. Do not multiply the current mill rate by the new assessment, it is expected that the 2006/2007 mill rate will decrease.
Once the budget is approved, all outside estimated revenues (ex. state grants, fees, etc.) are deducted, leaving the balance that must be raised through taxes. This is the Tax Levy. The total amount of the Assessed Value of all taxable property called the Grand List is divided into the new Tax Levy providing the new mill rate.
When will I receive notification of the new assessments?
In late November or early December 2005.
When will I receive a tax bill based on the new assessed value?
In late June 2006. If your home has a mortgage the bills will be sent to the bank if you have an escrow account. However, your new assessment figure will be sent to you, not your bank. Therefore, if you pay your taxes through an escrow account, you may want to consult your bank upon receiving this information to see if any adjustment in your escrow is warranted.
How can I compare how other properties have been valued to mine?
A listing will be posted in Westport Town Hall and the Town Library and the Web of all properties in Westport listed by address. This listing will provide the new assessed value for each property.
Compare the assessment of your property to that of the other comparable properties in your neighborhood and in the town. Remember that the purpose of the revaluation has been to ensure that each and every property is assessed in the same relationship to every other property in Town.
For those citizens who have Internet access, the valuations have been posted on the Internet. The database may be accessed at http://data.visionappraisal.com/WestportCT/
How could you have revalued my property if the data collectors did not gain entry?
The information collected during the last revaluation, our processing of new building permits and the interior inspection of comparable properties will assist with the estimation of interior data.
I have not added anything or done anything to my property in years, why should my value change?
The economy and the marketplace affect the value of your property and not necessarily what you do or do not do.
Note: Elderly, blind, totally disabled and veterans may be eligible for certain tax relief programs. Please call the Assessor's Office at 203-341-1070 for eligibility criteria.