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CheckMyAssessment.Com
Assessment Report for John Smith, 45 Rock Ridge
Road, Simsbury Ct. 06089
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- Your
Property: 45 Rock Ridge Rd: 2650 square feet (living space), 9 rooms, 3 bedrooms, 2.5 baths, 1.2 acres, 2 car garage,
3 season porch, unfinished basement, yes ac, no significant home improvements in the past 5 years.
- Your
Old Assessment (Grand List Oct. 2002): $220,000
- Your New Assessment (Grand List Oct.
2007): $286,000
- Estimated Fair Market Value (by town) for your Home: 2007: $408,500 (note:
assessment is .7 of the estimated FMV)
- Percentage (%) Increase of Your New Assessment:
30%
- Average % Increase of new Assessments for all Homes in Simsbury
22%
- Average % Increase of new Assessments for all Homes on Rock Ridge Rd.:
21% (13 properties)
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- Fair Market Value and Assessments for 3 Comparable Properties:
- 10 Rock Ridge: 2700 sft., 1.2 acre $401,000 (FMV) 281,000 (Assessment)
- 28 Rock Ridge: 2685 sft., 1.1 acre $410,000 (FMV) $287,000 (Assessment)
- 40 Rock Ridge:
2645 sft., .9 acre $404,000 (FMV) $283,000 (Assessment).
Average FMV and Assessment of Comparables: $405,000 (FMV); $284,000 (Assessment).
Average % Assessment Increase for 3 Comparable Properties: 20%
- Recent
sales of comparable properties:
- 38 Rock Ridge: 2650 sft., 1.2 acre:
$399,000 (March 07)
- 22 Rock Ridge: 2699 sft., 1.1 acre: $369,000 (Feb. '07)
- 16 Briar Bath: 2701 sft., 1.4 acre: $374,000 (Dec., '06)
Average FMV of comparable
sales: $381,000
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Summary:
Your new assessment will result
in a fairly significant tax increase. In July, your town tax rate will be adjusted
downward to reflect the new and increased assessments. However, your assessment increased at a greater percentage
than your neighbors (30% vs. 21% for the town),. Therefore, your taxes will increase 5% to 10%, in addition
to the annual town-wide tax increase.
Prior to revaluation, your annual taxes were approximately $7,000. Assuming
that the town-wide tax increase will be 3%, your tax increase prior to the re-evaluation would have been approximately $210
per year. However, with your new assessment, your actual tax increase will be approximately $800 for
this year. And, because your new assessment is used by the town to figure your taxes for the next five years, your total
taxes over that period will rise more than $4000.
The above data suggests that
your new assessment may not have been adjusted in an equitable manner. The average percentage increase of the assessments
for (1): the comparable properties, (2) the homes on your street, and (3) the homes in your town, were all significantly
less than your assessment increase. Also, the average fair market value of the three recent comparable
sales is significantly less than the proposed FMV value for your home ($381,000 vs. $408,500).
Based on the above, you have the option
of challenging your assessment with the town. A one-time reduction in your assessment, over the next five year
revaluation period, could save you in excess of $4,000. There are
many opportunities for homeowners to challenge their assessment. see How to Challenge Your Assessment
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