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During the town budget process the financial needs of the town are examined on a department-by-department basis. The Board of Selectmen and the Board of Finance arrive at a final budget (which is funded primarily by property taxes). This budget must then be approved by referendum. The Board of Finance then sets the Mill Rate, which is the dollar amount of tax due per $1,000 in assessed property in town.
For the Grand List year of 2017, the Mill Rate in Madison was 28.04. For example, if you owned a property with an appraised value of $450,000 your assessment would be $315,000. Pursuant to CGS 12-62a(b) “Each such municipality shall assess all property for purposes of the local property tax at a uniform rate of seventy per cent of present true and actual value…”. Your tax bill would be calculated as follows:
$450,000 x 0.70 = $315,000 x .02804 = $8,832.60
Appraised Assessed Mill Rate Tax Bill
For the Grand List year of 2016, the Mill Rate in Madison was 27.30. For example, if you owned a property with an appraised value of $450,000, your tax bill would be calculated as follow:
$450,000 x 0.70 = $315,000 x .02730 = $8,599.50
Appraised Assessed Mill Rate Tax Bill
The Mill Rate, for the Grand List of October 1, 2018, will be set in May 2019 after the fiscal year 2019-2020 Town Budget has been approved.
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A revaluation is the process of performing a Market Analysis to determine accurate and equitable values for all taxable and tax exempt properties within a municipality as of a specific date.
As the above indicates, the primary purpose of a revaluation is to eliminate any assessment inequities that may have developed since the implementation of the last revaluation (2013).
The Grand List is a listing of all assessed properties in a particular Town.
Buyers and Sellers determine Market Value. The estimated fair market value of your real property is based on an analysis of the market for the full year prior to the completion of the revaluation project. Your real property’s assessment is based on its estimated fair market value at the time of revaluation.
Appraisers will analyze the recent sales in order to make comparisons and set valuation parameters (models) which will be utilized to estimate the value of properties which have not been sold.
Each property owner will be mailed a notice of the new assessment in November 2018.
Some factors are: location, size, age of improvements, etc.
Your field card contains a detailed list of factors used for your property.
The “Field Card” or “Assessor’s Card” is available in the Assessor’s Office. A summary of your field card can be found online at www.madisonct.org/assessor.
Compare your properties to similar properties in your area that sold in the previous year. Your value should be in-line with these sale prices. You can review the field cards for these sales in the Assessor’s Office or a summary of the field cards online at www.madisonct.org/assessor.
If you believe that the new estimated fair market value does not accurately reflect the market value of your property for the October 1, 2018 Grand List, the first step is for you to contact the Revaluation Company. Included in the November 2018 notice will be instructions on how to schedule an appointment with Vision Government Solutions, Inc. for an Informal Hearing to review your new assessment. The last day to schedule your informal hearing appointment is December 10, 2018. A member of the Revaluation Company will go over your property record card with you. No decisions will be made at the time of your hearing. A notice will be mailed to you once your information has been reviewed.
During the hearing, the property owner can voice his or her concerns. Bring whatever documents, calculations and other evidence you believe correctly determines the value of your property. An appraiser will make the determination as to whether an additional inspection is necessary. All those attending a hearing will receive a notice.
Connecticut State Law provides for a municipal Board of Assessment Appeals. If you feel that your assessment is incorrect for any reason, you have the right to file a Petition to the Board of Assessment Appeals. The petition must be filed in the Assessor’s Office on or before February 20, 2019. The Petition Form will be available February 1st online at www.madisonct.org/Assessor or in the Assessor’s Office. Only individuals who have completed and filed a timely Petition Form will be granted a hearing before the Board of Assessment Appeals. If an agent represents you, a Notarized Agent Form must be on file with your petition or brought to your hearing. It is recommended (as you did in the Informal Hearing) to bring whatever documents, calculations and other evidence you believe correctly determines the value of your property. In a limited number of cases the Board may want to schedule a site visit to your property.
Members of the Board are elected for four year terms. There is a five member Board. They are required by law to be electors, or residents of Madison. A current listing of Board of Assessment Appeal members can be found on the Town’s website.
The Board has the authority, by way of a simple majority vote, to change your assessment for a period of one year. Note that this is not a permanent change and you should not expect that it will automatically be repeated next year.
You may appeal the Board’s decision to a Court of Law.
The law requires that the Revaluation Company (and the Assessor) assess/appraise property. As sympathetic as we may be, State Law does not permit us to take matters of hardship into consideration. However, there are Connecticut State Statues that provide tax relief for qualifying persons who are totally disabled and/or over 65 years of age. There are also other Statutes that provide exemption for veterans, the disabled and the blind.
If you have any questions regarding these programs, please call the Assessor’s Office at (203) 245-5652. There is also information available on the Town’s website www.madisonct.org/assessor.
The revaluation will be effective for the October 1, 2018 Grand List. The tax bill you receive in June of 2019 will be based on your new assessment