Monroe's next town-wide property revaluation is schedule for the October 1, 2024 Grand List.
2019 Property Revaluation
The Town of Monroe has contracted with Vision Government Solutions to assist the Assessor with the state-mandated property revaluation for the October 1st, 2019 Grand List. State regulations require each Connecticut municipality to conduct a revaluation every five (5) years and must include a full inspection once every ten (10) years. Monroe's last revaluation was completed for October 1st, 2014 and did not include a full inspection. A full inspection consists of an interior inspection and exterior measurement verification. All Monroe properties are due for a full inspection during the 2019 revaluation cycle.
The purpose of a revaluation is to maintain equity and ensure that each taxpayer pays only their fair share of the property tax burden. Since the real estate market is continually changing and every property is not equally impacted this is achieved by establishing the "fair market value" of every property as of the October 1st, 2019 assessment date. Fair market value determinations are affected by a number of factors including property type (residential, commercial, industrial), location, the desirability of individual property characteristics and market supply and demand. Assessments reflect 70% of a properties fair market value.
Once the new values have been established, a notice will be mailed to all property owners indicating the new assessment for their property. Anyone with questions concerning the revaluation results will have an opportunity to meet with a member of Vision's staff in the fall of 2019 to discuss the new valuation of their property.
Please keep in mind that the 2019 assessments will be reflected in the tax bills issued from July of 2020 through July of 2024.
Step 1: Data Collection: October 2018 To July 2019
Data collectors will be visiting every property in Monroe, beginning in the Fall of 2018, to collect and verify property record information. The data collector will measure the outside of the house as well as any other buildings on the property, take a new photograph of the property and request to perform a brief interior inspection. Interior inspections typically take only 5 to 15 minutes and include a quick tour of the house including the basement and attic space. The homeowner will be asked to sign the data collection form to verify that the inspection took place. An interior inspection will not be performed unless a person 18 years or older is available to sign the form. Two (2) attempts will be made to inspect each property. Data collection hours are typically between 9 a.m. and 7 p.m. Monday through Friday, and some Saturdays.
Please be advised that property owners wishing to schedule an inspection appointment at a time of their convenience are encouraged to do so by following the instructions in the letters which will be sent out to each property owner as data collectors begin working in their neighborhood.
Homeowners are reminded that data collectors are not performing inspections to raise taxes. Their job is simply to collect and verify information to ensure that the data being utilized in the updated valuation model is accurate. Accurate property records are a critical component for maintaining an equitable distribution of the property tax burden. The new assessments generated from this revaluation project will be based strictly on the market conditions leading up to the October 1st, 2019 valuation date. Please keep in mind that Vision data collectors are not town employees and are not prepared to answer questions concerning current taxes, values or town laws. Any questions regarding current assessments should be directed to the Assessor's Office.
Data collectors will be wearing an identification badge and will have written documentation from the Town stating their affiliation with the revaluation project. All Vision representatives and their vehicles will also be registered with the Monroe Police Department. Homeowners are encouraged to ask for this identification prior to admitting anyone into their homes. If a homeowner has a question as to the identity of a data collector, they may call the Assessor’s Office during Town Hall business hours for further verification.
Step 2: Market Analysis And Valuation: April 2019 To October 2019
The goal of the revaluation project is to establish the "fair market value" for all properties in Monroe. State-Certified Vision appraisers will analyze property sales, rental income information, local building costs, and all other relevant valuation factors that require consideration in the update of the value 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 all property sales within an approximately two-year period. Sales that are not representative of fair market value are noted and excluded. Valid sales are analyzed and mathematical models of market activity are created. These models are then tested to verify their accuracy for establishing the values of similar unsold properties.
Another method used for establishing the fair market value of commercial, industrial, and apartment properties is called the "income capitalization approach." With this approach the income and expense stream of a property is examined from an investment point of view. The goal is to achieve a market value indication by determining what an informed investor would pay for the income stream associated with a particular piece of real estate.
Step 3: Field Review: August 2019 To October 2019
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 4: Value Notices & Informal Meetings - November To December 2019
Once the field review and the final analysis have been completed, a notice with the new assessed value will be mailed to each property owner. At this time, anyone with questions concerning the revaluation process or about the data collected on their property will have an opportunity to meet with a member of Vision's staff to discuss the valuation of their property.
Step 5: If Necessary, Schedule A Board Of Assessment Appeal Hearing By February 20, 2020.
If property owners are not satisfied with the results of the informal meeting or if they did not schedule an informal meeting, they will be able to appeal to the Board of Assessment Appeals by filing an application before the February 20th deadline.