New analysis show reval impact on property taxes minimal

Good news for taxpayers! City Assessor Rich Lasky kept reviewing the numbers after he talked with me recently and realized that the impact of revaluation should be minimal for most homeowners. Here's his memo to city leaders about the issue:

Date: November 30, 2007

To: Art Ward, Mayor, Councilmen and Chairman of the Board of Finance

From: Richard Lasky, Assessor

Re: 2007 Revaluation

I am writing to inform you that the Revaluation notices have been sent and give you a brief overview of the impact.

The article appearing in the Bristol Press on November 16th stating average single family homeowner taxes increasing by $400.00 was inaccurate and based on old information. The 2007 grand list estimate and budget was derived over a year ago to predict the impact of the revaluation at that time. The grand list estimate was derived from 2005 grand list and the 2005-2006 budget year.

I have since received and have analyzed the actual figures from Vision, and have also asked the Controllers Office for their opinion of the anticipated budget. At this time I have concluded that there will be little or no overall effect to the average single family homeowner due to this revaluation. I must express that this is only an estimate and that the revaluation process is still a work in progress and the State revenues are still not known.

Overview

Many factors have influenced housing values since the last revaluation. Historically low interest rates have made the cost of money less expensive and allowed more individuals and households to secure mortgages with very low down payments and closing costs. These forces have resulted in increased values for existing homes and land for new construction

While national markets are down and new home sales have fallen nationwide, the local real estate market remains sluggish but stable. A recent study of sales activity in Bristol for the period from January 2006 to October 1, 2007 showed only a slight increase not significant enough to measure. The average single family house sold at a sale price that represented an appreciation rate of 50% since the revaluation in 2002. Although using averages can be misleading as few properties are average and all properties are unique, these numbers clearly show that there has been a widespread appreciation in the residential market. This revaluation represented a 47% increase of the median value. The median multi-family property appreciated at a rate of 75% and residential condominiums increased an average of 66% for this period. Commercial properties showed an overall average of 44% appreciation by comparison during the same period. Commercial properties include properties with uses such as office, retail and industrial properties. These increases are also similar to other towns that are undergoing revaluation today.

To assist taxpayers Vision will have information available on their website at visionappraisal.com The Vision website will provide inquiry access to the assessor’s database allowing property owners to review the property characteristics used to determine values. Property owners will find helpful guides on how to prepare for a hearing and answers too many of the commonly asked questions. They can also search for comparable sales, watch appraisal instruction videos, find current market condition charts and other pertinent information to help guide the home owner in understanding how the assessment was derived. For those property owners without web access we will make available new value listings at the Assessor’s office, Library and Senior Center.

Let me add, too, that residents who want some of the personal information removed from the reval website can request it through the assessor's office. City Councilor Mike Rimcoski said a number of people are worried that burglars or others might misuse the data.

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Copyright 2007. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com