|
In Connecticut, the revaluation process is done every five years. Therefore, your new assessment will
be used for the next five years to determine your taxes. Due to this this fact, and because your real estate taxes are
adjusted (and almost always increased) on an annual basis, even a modest one-time reduction in your assessment can result
in significant monetary savings.
For example, if the homeowners in the Sample Assessment Report were granted a $20,000 reduction in their assessment, their tax savings for that first year would be approximately $600.
Additionally, assuming the the town's taxes rise at
the annual rate of 3%, over the next five years, this one-time reduction in their assessment would result in total tax
savings of approximately $4,000.
|
