Current 2014 Field Cards Online
The Town of Monroe has contracted with Tyler Technologies, Inc. to assist the assessor with the state-mandated revaluation for October 1, 2014. Unlike the previous revaluation in 2009, inspections will be limited to properties that have sold since January, 2012, building permits issued after October 1, 2013, and select properties for quality control.
The purpose of a revaluation, which is done in each Connecticut town and city every five years, is to maintain equity so that each taxpayer pays only his fair share of the tax burden. The market is continually changing and every property is not impacted equally. Fair market value is affected by a number of factors including property type (residential, commercial, industrial), location, individual property desirability and market supply and demand.
The goal is to estimate the current, fair market value of every property as of the assessment date, which is October 1, 2014. The assessment reflects 70% of this fair market value. Once the assessments have been determined, a notice will be mailed to property owners indicating the previous assessment, which was based on a fair market value from 2009, and the new assessment, updated to reflect changes that have occurred in the real estate market in the past five years. New assessments will be reflected in the July, 2015 tax bills.
Step 1: Collect Information about Select Properties March, 2014 to October, 2014
Data collectors will visit each property in Monroe that sold between January 1, 2012 and October 1, 2014, as well as building permits issued after October 2013, to verify information such as story height, room counts, heating system, basement type, and building dimensions. The data collector will measure the outside of the house and any other buildings on the property and will request to inspect the interior, as well. Furniture and personal decorations are not noted; these do not influence the value of a house.
If the property owner is not home, the data collector will estimate the inside features based on similar properties in the neighborhood and existing assessment records. Interior features will be further verified utilizing on-line resources such as Realtor sites.
Step 2: Research Market & Costs April, 2014 to July, 2014
The goal of the revaluation project is to estimate "fair market value" for all of the residential, apartment, and commercial properties in Monroe. Tyler will analyze local building costs, property sales, rental income information, and other valuation factors to update values for each property.
Property valuation analysts conduct a number of studies to understand what affects the real estate market in the area. The process begins with collecting and verifying dates and sale prices for all property sales within an approximate two-year period. Sales that were not "arms-length" are noted and set aside. Valid sales are analyzed and mathematical models of market activity are created. These models are then tested to establish how effective they will be in estimating the value of similar unsold properties.
The second method used for estimating market value for Commercial, Industrial, and Apartment properties is called the "income approach." With this method the income and expense stream of a property is examined from an investor’s point of view. The goal is to achieve a market value conclusion by estimating what an informed investor would pay for the income stream associated with a particular piece of real estate.
Step 4: Determine Values August, 2014 to September, 2014
State-certified appraisers will review the value calculation for each property in the field. The purpose of this review is to ensure the property data is accurate and that the models have been applied correctly and consistently.
Step 5: Mail Value Notices & Schedule Informal Review Meetings January-February, 2014
Tyler Technologies will have appraisal personnel available for the purpose of reviewing property values and conducting informal hearings. Informal hearings will be scheduled by appointment only. Please call 800-497-6026 Monday through Friday between 8:30a.m. and 4:30p.m. to request a hearing. Requests must be made by February 4, 2015.
Step 6: If Necessary, Schedule Board of Assessment Appeal Hearings March, 2014
If property owners are not satisfied with the results of the informal review or if they do not schedule an informal review, they will be able to appeal to the Board of Assessment Appeals by filing application by March 20, 2015.
Town of Monroe
7 Fan Hill Rd
Monroe, CT 06468
Office: (203) 452-2803
Fax: (203) 452-2253
Justin Feldman CCMA
David Lisowski CCMA
Phone: (203) 452-2800 Ext 1004
Exemptions & Tax Relief
Phone: (203) 452-2800 Ext 1003
Phone: (203) 452-2800 Ext 1005
Mon-Thursday 8:30am - 4:30pm
Friday 8:30am - 1:30pm