Will CT Property Taxes Go Down?
Everyone asks me this question, so I thought it would be a good time to discuss it as there seems to be lot of confusion - the short answer is, unfortunately, no. Lower CT property values do not mean your property taxes will go down. The value of your home does not determine the budget for the Ct city or town you live in – and the money for the budget needs to be raised no matter what our homes are valued or assessed at.
CT Tax Assessments
This is the way it works: The tax assessor of each and every Connecticut town and city is required to list the value of all properties by Oct. 1st of every year. This is called the GRAND list – not sure what is so grand about it, but that is what it is called. Every year all the new construction is added to the list, increased home values when additions and improvements are made to are added in, as well as land development, etc. Even without doing property revaluations, in a busy, upswing economy, this all adds up to a bigger GRAND list. (more…)