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Waterford Sends Out Tentative Assessments for its Revaluation

The assessments, which should be received soon by property owners, are part of Waterford’s 2013 revaluation process.

Nearly all of the owners of the 9,500 properties in town will receive a message in the mail today, or at the latest early next week, stating their tentative assessment for the Oct. 1, 2012 Grand List.

The move is part of the town’s ongoing revaluation. The values are still technically owned by the company that helped produce them, Vision Appraisal, as the town will not sign off on all values until the end of February.

Waterford Tax Assessor Michael Bekech said many of the values on properties that haven’t changed are likely to stay the same or possibly even drop. He said the last revaluation was done in 2007, at the height of the housing bubble, and real estate values have fallen since then.

“The grand list will go down,” Bekech said.

Meanwhile, personal property is assessed every year, so that sector will not experience the same drop, Bekech said. That means that personal property, which composes most of Waterford’s largest taxpayer, Millstone Power Station, will likely pay a larger percentage of taxes than it does now.

Bekech said since the town has not yet taken responsibility for the assessments, he could not comment directly on how much the grand list will change. He said he will be able to comment more in March, after the town signs off on the grand list and takes responsibility for all the values.

How To Challenge, Question Assessments

The requests for an appointment should be made directly through Vision Appraisal at 1-888 844 4300 between the hours of 9 a.m. and 4:30 p.m. Monday through Friday. The owner has the second option of following the instructions on the notice to make their own appointment directly online. 

The appoints must be scheduled before December 20, 2012 but, if the appointment is made prior to that date, Vision will be available as necessary to hold those meetings. 

If the taxpayer is not satisfied with the outcome of the Vision Hearing and value response, they may file with the Board of Assessment Appeals.  At this junction, the filing must occur prior to February 20th, 2013.  However, in all likelihood the date will be extended by statute until March 20, 2013, if the extension to sign the Grand list is utilized.

Editor's Note: This story has been updated.

friendly neighbor December 08, 2012 at 01:55 PM
What's the bottom line here for the taxpayer? Should we expect our taxes to increase or decrease based on these new assessments? Sounds like assessed value is predicted to go down since last appraisal was done during housing peak. Any other implications here? Resale value etc...??
David Irons December 08, 2012 at 02:16 PM
Neighbor, the values make no difference on how much you pay in taxes, as long as all values are up or down in equal amounts and the budget remains the same. If values go down, mil rates go up. If values go up, mil rates go down. The mil rate adjusts to achieve the amount of taxes needed to fund the budget. The amount of the budget is what will determine how much you or I pay in taxes. What cold benefit homeowners in this scenario, is the increase in value of "personal property". As noted, Millstone will most likely pay a far greater dollar amount of taxes based on higher personal property values. This could result in a decrease in revenue needed from property taxes on us homeowners.
Fake Mr. Fuji December 08, 2012 at 02:59 PM
Is this gonna affect the cost of a lunch special at Sizzling Wok?
David Irons December 08, 2012 at 03:11 PM
Fake Mr. Fuji, it might just put them out of business. Now, please tell us what you have done with the real Mr Fuji?
Ron December 08, 2012 at 03:34 PM
It does not matter if Waterford taxes go up or down. Governor Molloy will cancel any Waterford tax decision because he, before joining the Obama administration in the new cabinet position called "Homeland Train to Nowhere Department (really New Haven to Springfield train fiasco) he will be submitting a huge budget and tax increase to every citizen, and all private sector employers in CT because he banrupted the State. However do not feel bad because all your hard earned money paid in taxes will make each of the 110,000 active and/or retired State union workers much happier, much more able to provide for their children, drive much safer premium cars and sport utility vehicles, and much better golfers in their retirement homes in Arizona and Florida. See, there really is a bright side to you and your families for electing a buffoon and paying the highest property and State taxes in the nation.
Ron Kadlecik December 08, 2012 at 06:20 PM
I have always believed that "We the people" get the town, state, and federal government we deserve. If "we" continue to elect officials routinely make bad decisions based on faulty reasoning and spend more money than the government takes in, things will get worse, not better. It is up to "us" to change the course of government and only that will change the course of our towns, state, and nation. Until "we" are ready to stop giving away the store, the situation will not change (except to get worse). The working "we" can only support the non-working "we" for so long. Eventually, bankruptcy will be the result. Then none of the "we" will have much of anything. Perhaps this is the plan of those currently in office or perhaps not. At any rate, the only way to cut the deficit is to lower expenses and/or raise taxes. And the only way to cut the debt, local, state, and federal, will be to raise taxes a lot!!

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