Should You Appeal Your 2021 Connecticut Property Tax Revaluation?, #75
Have you recently received a letter notifying you of an exorbitant increase in your property value that will lead to much higher property taxes? Do you know your options? I get it: Everyone’s taxes increase over time. Dealing with inflation is a universal experience. My goal for this episode is to help you identify and prevent gratuitous increases in your property value. I'm going to show you the essential steps you can take to determine if an appeal is necessary, the tools you need to win, and the exemptions you may not be taking advantage of.
You will want to hear this episode if you are interested in...
Knowing the rules for property tax revaluation [1:39]
How to ensure your property records are correct [2:19]
Why property value research is the essential next step [3:40]
Why you may not need an official appeal [5:20]
Walking through the appeals process [6:12]
Additional exemptions for your final tax bill [8:20]
Do your homework
Death and taxes may be a guaranteed part of life, but unfair property tax rates driven up by inaccurate property values don’t have to be. The key to fighting a major hike in your next tax bill is doing your homework. First, make sure that your property records are accurate. Mistakes with your square footage, number of rooms, and number of bathrooms can and do happen! Find this information by searching for your property card on your municipality's website or by simply typing “property card” and the name of your city into a search engine like Google. If you find any discrepancies, correct them by contacting the office of your City Assessor.
If your property records are correct, the best way to show your property revaluation is too high is by researching surrounding property values. If your neighbor's property value is much lower for a similar size, condition, and build date then you may be gearing up for an official appeal. If not, research other similar homes in your area to build your case. The burden is on you to prove that your new property value is inaccurate so any relevant information helps.
Know your options
If you are looking at a massive increase in your tax bill due to a new property tax revaluation, it may be worthwhile to reach out to a professional. Lawyers and even real estate agents can help you build a successful appeal against your municipality's decision. However, you must decide if your increase warrants the time and money it would take to enlist their help. A yearly increase of $100 compared to $3000 may be worth fighting on your own or leaving alone altogether. The choice is up to you.
Even if you lose your appeal, there are still options you should consider. Statewide tax breaks and exemptions could be your best option for reducing your next property tax bill. Connecticut offers a credit to residents over the age of 65 or those receiving Social Security disability payments. The catch is that it is an income-based credit. Single individuals who make more than $37,600 annually and married couples that make more than $45,800 each year do not qualify. Veterans can also receive additional reductions if they meet specific criteria. Listen to this episode for more information on exemptions and your options for appealing a property tax revaluation!
Resources Mentioned
Connecticut Online Database (Vision Appraisal)
Q&A Booklet (PDF)
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