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Revaluation and Mill Rates in New Milford, CT. The tax man commeth 2010!

February 27, 2010

“Reval” and Mill Rates in New Milford, CT. The tax man commeth 2010!

Town of New Milford CTEverywhere you go these days in New Milford, CT you hear people talking about the revaluation and the budget. We are in the middle of our revaluation in New Milford, CT. (The state mandates towns in CT must go through revaluations every 5 years) The tax man commeth, well, not the tax man but indeed there are people out there knocking on your door to look at your house for the reval. New Milford, CT revaluation is done by Vision Appraisal. They all should have identification, if you are in doubt if the person knocking on your door is who they say they are, call the Tax Assessor’s Office or the New Milford Police Department. After they visit you, you will be asked to sign a paper that says the inspection actually took place. Here is the thing, if you don’t let them in, they have to try again, and again and again. They have to prove to the town an attempt was made. And then, they will have to GUESS what you have. Will they guess you have more than you have? Could be.

What are they looking for? Style, size, (bedrooms, bathrooms, physical size) improvements, utilities (type of heat, etc.) condition of your home, they will check for any zoning restrictions etc. After this portion of the revaluation takes place the appraiser will be looking at recent sales and market trends in the town. The comes the dreaded valuation. Check out the information the town of New Milford, CT has put on their website for more information on the process itself.

Remember the assessed rate that you pay taxes on is 70% of the assessed value. So if your home was appraised at $400,000 it will show up on the field card as $280,000. This is the base you pay taxes on!

What is a mill rate anyway?

A mill rate is the amount of tax dollar on assessed value of a property. One “mill” is one/tenth of a cent.

I know everyone is worried that the revaluation will increase their property taxes. Actually what increases your property taxes are the mill rates set by the town. Paying attention to the town budget in New Milford, CT is key. Our mill rate is directly affected by the town budget.

How does the town come up with the mill rate? Simple math actually. The towns Grand List divided by the budget equals the mill rate. Currently the mill rate in New Milford, CT is 22.52 or, for every $1,000 in assessed property value you pay $22.52 in property tax.

If you want to check out what the town currently has on your home try visiting New Milford, CT requires registration, but there is no charge for this. You can also visit the New Milford Town Hall, go to the Tax Assessors office on the first floor and ask to see the “field card” for your home. It is public information and it is your right! Of course right now you will be looking at the current information the town has from the last reval, but it is a starting point.

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