AD VALOREM TAX *- You Have Just Less than 2 WEEKs to Start YOUR TAX Appeal

--Your 2023 taxes are a critical expense of your property’s cash flow OR even your own home or condo>? Is your assessment fair & equitable? REVIEW & Look at your assessment figures TODAY.

Every year by February 20th in every community in Connecticut a property owner should consider deciding whether their property- be it a personal residence, multi-family or other investment properties might be over assessed and, thus the tax bill might be too high. If property is in Mass-sorry -too late. Refer to my last year’s winter article (on Website) about this process to understand what you need to do methodologically to go about having some relief on your taxes. Review and figure out if it is worth the effort, time and $ to pursue. REMEMBER--the town’s ASSESSMENT IS NOT AN APPRAISAL OF VALUE.

Did the Assessment process as of October of last year properly “assess” your property – was it treated objectively and fairly and were there any mistakes listed on the building amenities, square footage, usable or net square footage?

Did a new Revaluation in your city/town occur which is required every 5 years in each CT community? It’s always best to start the process at the beginning of the new 5-year cycle. Approximately one out of every 5 of the 169 cities & towns had an October new “mass” assessment revaluation. Did your figures go up too much since the last revaluation which may or may not be realistic? Check it out thoroughly now. Don’t delay. Start the process now. You won’t have time now to talk to your Assessor and the office that puts together the Assessment numbers but you may be able to ask specific questions as to where, how, and why they “picked” the numbers. And most importantly FILE a 1 page paper by the February 20th deadline Monday Best- by email, fax or in person to protect your rights. Next time- how to go about the assessment challenge *Ad valorem tax- 1.a tax levied in proportion to the value of the property being taxed (USPAP) 2. A tax levied in proportion to the value of the thing(s) being taxed; generally refers only to property taxes, although technically the term is applicable to income taxes, ad valorem tariffs, special property taxes, etc. Exclusive of exemptions, use value assessment provisions and the like, the property tax is an ad valorem tax.

Hartford’ s Real Estate Counselor www.MarcGottesdiener.com 860-246-5053 or in CT- 877-HERES-HE lp appraiser/broker/exchangor/investor