ERIN STEWART: Residents can expect new real estate property assessments

Published on Friday, 11 November 2022 09:34
Written by ERIN STEWART

New Britain Mayor

You may have heard rumblings around town about an upcoming property revaluation process, so I wanted to use this month’s column to clarify what this means and give you more information on what to expect.  

Pursuant to Connecticut state law, each town is required to conduct a revaluation on all real-estate property within that town or city every five years, with the last revaluation taking place in New Britain in 2017. The city’s Assessors Office has partnered with MUNIVAL to conduct a revaluation of all real estate property in New Britain.  MUNIVAL is a Connecticut certified revaluation company that will analyze recent sales data, review the calculated values, as well as meet with the public to answer questions about the methods utilized and the concluded assessments.  

The volatile market and the impacts of inflation are things we cannot avoid and they are affecting all aspects of our lives. So what does this mean for the property owners of New Britain? Due to the current state of the real estate market, the values of single family homes are expected to rise about 56%, while multiple family homes are expected to rise anywhere from over 60% to over 80% depending on its size. But don’t worry, we have been through this process before and we will do everything we can to help protect our taxpayers. 

You will first see the impact of the revaluation on your July 2023 tax bill. The amount of your new tax bill is calculated by multiplying the new assessed value of your property by the new mill rate. Since the new mill rate will not be established until July 1, 2023, it is not possible to estimate your new tax bill at this time. Please do not try to apply the current tax rate to your new assessment when you receive it, because it will result in an inaccurate calculation of your future taxes.  

Now here is what the appeals process will look like. The New Britain Assessor’s Office will be mailing out appraisal notices to every single real estate property owner in New Britain around mid-November. Informal hearings to dispute your new assessment will happen in December, and can be scheduled with MUNIVAL within 10 days of receiving your notice at munival.com/appointments. You can also reach MUNIVAL at 203-292-5500 if you would like to call with questions or to schedule an appointment to dispute your new assessment.  

I know this is a lot of information, so I will be hosting a special revaluation Facebook  Live with Assistant City Assessor Tim Hutvagner on November 29 at 12 p.m. where we will explain this process further and answer any questions you may have  about how the revaluation will impact you. This Facebook Live will be streamed on my  Facebook page (@ErinStewartCT) as well as the City of New Britain Facebook page (@NewBritainCT).  

Rest assured, I will be right by the side of property owners here in New Britain to help guide them through this process. The national economic trends are out of our control, but I will do everything I can to minimize the financial impact this will have on our taxpayers. 

Erin Stewart is the mayor of New Britain



Posted in New Britain Herald, Columns, New Britain on Friday, 11 November 2022 09:34. Updated: Friday, 11 November 2022 09:36.