Assessment of properties including new construction (CO)
Three steps of assessment of Real Estate:
These fundamental processes by which the Grand List is completed, must be understood and applied with diligence by the Assessor. Doing so ensures that no property is omitted, taxed twice, that each property is assessed in the name of the correct persons and that each is assessed in accordance with the applicable law.
Assessor Maps identify each parcel in the town; each parcel has a property card. This is to ensure all are taxed and each parcel has ownership.
When a person buys a property a deed is filed at the Town Clerks Office. That information is picked up, researched for correct property and updated. ALL HOMEOWNERS SHOULD VISIT THE ASSESSOR'S OFFICE TO MAKE SURE THAT THEIR ASSESSMENT FIELD CARD IS CORRECT.
Bills that go out in July will be to the owner on October of the previous year with a notation of the new owner.
Real Estate assessment is achieved by measuring the outside of the construction. Other factors considered are number of bedrooms to bathrooms, construction material, added features (spa baths, fireplaces etc), central air conditioning, outbuildings, etc. Adjustment factors are depreciation, functional obsolesce, size adjustment and overall condition. This is added to the land assessment which is based on the previous revaluation data.
State Statute Section 12-53a Assessment of New Construction.
Tax liability begins with the date of use or the date the Certificate of Occupancy is issued, whichever is earlier. The assessment is based on construction from the previous revaluation data per square footage living area, etc.
- The first bill issued would be for whatever was on the property October 1st of any year. This is usually for raw land. The bill would be due the following July.
- The building official has ten days to notify the assessor in writing that a certificate of occupancy has been issued
- Not later than ninety days after receipt of this notice to the assessor- or from a determination by the assessor that the new construction is being used for the purpose for which it was built - the assessor shall determine a prorated assessment based on a schedule, which essentially shows each day of the year converted to a "prorate factor".
- The prorated assessment is added to the Grand List and the record owner is notified within five days. The tax Collector will send the appropriate tax bill under their set of State Statute Guidelines and timetable.
- If the owner disagrees with the assessment, that person may appeal to the board of Assessment Appeal. If the time for the Board of Assessment Appeal has passed, the owner may appeal to the next succeeding session.
- This Tax Bill will be listed with a list number and in the following box will be an "X".
- The following October 1st Grand List bill will be combined lot and buildings completely finished.