NEW COUNCIL PRESENTATIO N Southington Assessment and Taxation

NEW COUNCIL PRESENTATIO N Southington Assessment and Taxation Monday 12/9/2019

Assessment - Basics Grand List Date Assessment Ratio Property Types Real Estate Personal Property Motor Vehicle

REAL ESTATE Residential Commercial Industrial Vacant Land Use Assesment Forest Farm Open Space

REAL ESTATE, con’t VISION CAMA APPRAISAL System Revaluation

REVALUATION STATE MANDATED Statistical – At least once every 5 years Full Inspect – At least once every 10 years Purpose NOT to raise taxes Eliminate assessment inequities Update assessments to reflect MARKET VALUE Balance our real property burden among our taxpayers

REVALUATION – What to Expect Data Mailers Sent in June 2019

REVAL-What to Expect, con’t Residential Commercial Open Building Permits/Market Sales One year leading up to 10/1 Income & Expense Reports Rental Rates Expense Rates Net Operating Expense Rates Capitalization Rates Other trends in Market Data Collectors Home Visit/Inspection Process Data Analysis Statistical methods are used to gauge the accuracy and consistency of valuations

REVALUATION, con’t Proposed values to Assessor by 3 rd week of October 2020. Assessor review Reassessment Notices to be mailed mid. November 2020 Informal hearings – approx. 4 weeks to be wrapped up by Christmas Review/Adjust/2 nd Notices

REVALUATION, con’t Final values to be certified on 2020 GL no later than January 31, 2021 Reassessment Notices will be mailed within 10 days of GL signing – no later than Feb 10 th Board of Assessment Appeals deadline is Feb 20 th Board of Assessment Appeals meets in March 2021

Tax Bills New tax amounts based on adjusted assessments from revaluation will come due July 1, 2021 Time to appeal will have expired

2018 Supplemental Billing Registered car/transferred plates between October 1 st 2018 and August 1 st 2019 7500 bills $1. 9 M Pricing complete Bill file going to printer Bills to be mailed on 12/31/19