Real estate values drop in New London revaluation

Last assessment done in 2008; decreases range to 35 percent

 

New London - New property assessments in the city have been completed and show up to 35 percent decreases in real estate values.
Mayor Daryl Justin Finizio told the City Council Tuesday night that the current tax rate would have to increase by 17 percent to adjust for the loss.
"But this is not a 17 percent tax increase," Finizio said, speaking to the newly elected City Council that was sworn in on Monday. "Most New London residents will make out OK."
The new assessments, which are preliminary, do not apply to the current tax rate. The tax rate based on the updated assessments will be determined as part of the 2014-15 budget process.
The last revaluation in the city was completed Oct. 1, 2008. State law requires municipalities to conduct revaluations every five years.
The types of properties seeing the largest reductions are multifamily houses.
According to a memo to the mayor from the assessor's office, single-family homes lost about 23 percent value. The median decrease for residential vacant land is 18 percent, 25 percent for condominiums and 36 percent for two- to four-family houses.
Buildings with five or more apartments decreased overall by 2 percent, and industrial property went down overall by 10 percent.
Commercial real estate went down by 34 percent.
The updated assessments were mailed out to residents Tuesday, and informal hearings will start Friday and continue through December. Those wishing to discuss changes can schedule an appointment with Vision Government Solutions, the company that conducted the 2013 revaluation.
During the hearing, property owners can ask about the process, request a review of property data and bring in recent appraisals or real estate listings for consideration. Copies of documentation should be provided to the staff for review.
All new valuation and assessment data will be available on the VGSI website with the links shown on the individual notices.
At the conclusion of the hearings, a second notice will be mailed to property owners who appealed, listing the results.
Individuals who still wish to contest their assessments may appeal to the Board of Assessment Appeals by Feb. 20.
The assessments will not be finalized until after the hearing process and after all changes have been reviewed and processed.
k.edgecomb@theday.com
TO SCHEDULE A HEARING
Appointments can be made by calling (888) 844-4300 between 9 a.m. and 4 p.m. Monday through Friday. All hearings, which must be scheduled by Dec. 16, will be held by appointment only in Council Chambers at City Hall. Appointment can also be made online at www.vgsi.com/schedules.