Home Buying in Wilton>Question Details

Kit, Both Buyer and Seller in 06897

If a home sells for twice its appraised value, does the town raise the appraisal?

Asked by Kit, 06897 Wed Feb 23, 2011

I am possibly buying a home for $2.2M and it was appraised at $1.1M in 2007. The next revaluation is 2012, but based on past surprises in Wilton I'm afraid they will increase my taxes disproportionately to make up for lost time (when I was not the owner).

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Dear Kit,
I missed your question a while back and the answer is as follows; my colleague below was right to say revaluation take place every 10 years, but the entire answer has more parts. Revaluation is compulsory at the town level, by the state, every 10 years, but most towns do it every 5 years. It is never done at the time of closing, only when new construction title passes creating a new property on the town roster. Also you used the term appraised at $1.1M...by whom? The town "assesses" which is 70% of the towns projected fair market value. In lower Fairfield County there is little correlation between assessed values and selling prices...to give yourself some added comfort, take a look at other homes which have recently sold in the $2M range and see what their town assessed values were at closing...you are likely in good company!
Call me anytime for professional real estate services,
Lisa Jones
203-218-6664
1 vote Thank Flag Link Wed Mar 23, 2011
http://data.visionappraisal.com/wiltonct/reval/

to see how the mill rate is calculated for Wilton: go to this page:

http://www.wiltonct.org/bodies/boardoffinance/docs/Mill%20Ra…

The mill rate for 2009 is 20+ and I believe that it was 19+ in 2007....
Web Reference: http://www.debhalsey.com
0 votes Thank Flag Link Wed Feb 23, 2011
Dear Kit,
That is a great question! There are many places in the country where a home is revalued and the taxes adjusted the year following the closing. However, here in lower Fairfield county that is not the case. As you found out for Wilton, each town is on its own revaluation timetable. Usually every 10 years. You will not have any control over the revaluation process. However, should you be living in your beautiful new home in Wilton in 2012, you will be able to appeal the new valuation and tax bill.

I hope this answers your question. As an active and experienced realtor in this area, I would be happy to guide you through your new home search. Please feel free to contact me directly with any other questions or concerns you may have. Check out my website for additional information about Wilton and surrounding towns.

Best regards,
Meryl Sheetz

Keller Williams
203-912-6172
meryl.sheetz@kw.com
http://www.my-realtor-meryl.com
http://www.homesearchinfairfieldcounty.com

Your Partner in Real Estate
0 votes Thank Flag Link Wed Feb 23, 2011
Go to this site:

http://data.visionappraisal.com/WiltonCT/DEFAULT.asp


It explains EVERYTHING you ever need to know about the process in WIlton, how to challenge the results.
0 votes Thank Flag Link Wed Feb 23, 2011
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