Five Things to Know about the Revaluation

Montville’s Grand List – the addition of the value of all the real estate, motor vehicles and personal property in town, is in, and while it’s a big number - $1,294, 962,978 – it’s down 14.8 percent from last year, according to the tax assessor’s office.

And while AES Thames shows as the top taxpayer in town, assessed at $39,741,493, it did not pay its 2010 taxes (payable in July 2011), and is now in bankruptcy proceedings.

1. Here is the list of top 10 taxpayers in Montville:

1. AES Thames LLC, $39,741,493
2. Connecticut Light & Power, $26,125,573
3. Montville Power LLC, $17,165,328
4. CSC Montville Commons (Stop & Shop plaza) $13,572,850
5. Home Depot USA, $11,798,995
6. Rand Whitney Containerboard, $8,915,206
7. Stonestreet Hospitality Realty Company (Hyatt Hotel), $8,497,910
8. AES Thames Inc., $7,965,040
9. Jensen’s Inc. (Hillcrest Residential Community), $5,825,289
10. Burkhard Hotel Partners II LLC (Best Western), $5,183,723

Total assessment of the Top 10: $144,791,407

2. The grand list lost value because of the revaluation that was done  during 2011, according to the assessor’s office. That revaluation reflects changes in the economy.

3. Vision Government Solutions did the revaluation. In a presentation for Thursday’s informational meeting (you can see pdfs of the presentation in the photo box), Vision pointed out that a revaluation is required by the state every five years, and a full revaluation – with interior and exterior inspections, such as the one done in Montville in 2011 – is mandated every 10 years.

4. The purpose of the revaluation, according to Vision, is to

• Correct disproportionate taxation
• Adjust value for market shifts
• Capture all new construction

The revaluation is also intended to “achieve 70 percent state mandated assessment ratio.”

The state requires towns to assess property at between 73 percent and 77 percent of its value; Montville’s assessment rate is 64 percent of value.

Market value, as described in the Connecticut Assessors’ handbook is “the most probable price in cash that a property would bring in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressure.”

5. The revaluation process includes collecting data, analyzing sales, developing and applying a model for the market, reviewing it “on the ground,” holding informational hearings, and finalizing it.

Tax Assessor Lucy Beit says that until the budget is decided and the mill rate is set, it’s impossible to know what your taxes are going to be. The mill rate will be adjusted to cover the budget.

If you’re unhappy with your assessment, you can appeal to the Board of Assessment Appeals by March 20. Forms are available on the town website.

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