#MiddleburyCT #PropertyRevaluation #Assessor
In a Facebook post he allowed us to share here, Middlebury Assessor Chris Kelsey said the upcoming property revaluation is still early in the process, but there is already some confusion and concern that he’d like to clear up.
What is a Revaluation (Reval)?
It’s not political. Selectmen don’t control when it happens or what the numbers are. Revals are required by the State every five years. Middlebury’s was moved up by a year (by the state) to help towns save money.
Why It Matters:
Property taxes in Connecticut are based on ad valorem – meaning “according to value.” So when values go up, assessments go up. Since COVID, property values have climbed, and that’s affecting this year’s reval. Residential values are up 35 to 40%. Commercial values are up only 10 to 15%. This difference is where concerns start but he explained why it’s not as bad as it sounds.
Real-Life Example:
Let’s say Middlebury’s Grand List (total property value) is $1 billion and the mill rate is 32.52. If residential values go up 35% and commercial values go up 10%, the mill rate would drop to around 24.54.
The bottom line: While property values may rise sharply, the actual impact on your tax bill will be much smaller – about a 2% increase for most. So no, a 35 to 40% increase in value does not mean your taxes will go up that much.
What’s Next:
More details will be available when notices go out, which is expected to be in 6 to 8 weeks.
Kelsey said he would keep residents updated as they get closer to final numbers. In the meantime, feel free to ask questions by emailing Kelsey at ckelsey@middlebury-ct.org or calling him at 203-758-1447. He is happy to help clarify the process.
