BERSHTEIN, VOLPE & McKEON, PC
CLIENTS AND FRIENDS ALERT
REAL ESTATE TAX REVALUATION
September 15, 2011
There may be a silver lining in the cloud of recent hardships in commercial and residential real estate. Do not miss the opportunity to improve cash flow by reducing your real property tax valuation.
The following municipalities are scheduled for real property revaluations for the October 1, 2011 grand lists:
Andover |
East Haven |
Lisbon |
North Stonington |
Thomaston |
Ashford |
East Lyme |
Manchester |
Plainville |
Trumbull |
Beacon Falls |
Easton |
Marlborough |
Plymouth |
Vernon |
Bridgewater |
Enfield |
Meriden |
Portland |
Westbrook |
Brookfield |
Griswold |
Middlebury |
Prospect |
West Hartford |
Colchester |
Groton |
Middlefield |
Salem |
Windham |
Columbia |
Hartford |
Milford |
Seymour |
Wolcott |
Cornwall |
Hebron |
Montville |
Shelton |
Woodstock |
Derby |
Killingworth |
New Haven |
Southington |
|
East Hartford |
Ledyard |
Newington |
Stafford |
|
If you own or lease real property located in one or more of these municipalities, you should receive a revaluation notice containing the proposed new assessment of your property during November or December of this year. Please review your new assessment carefully. A challenge may be in your best interest if property or market conditions warrant a lower value.
In most circumstances, the notice will include an invitation to attend an informal hearing with the revaluation company or the assessor’s office to discuss the new assessment. The assessment should represent seventy percent of the fair market value of your property. This informal process may provide the best opportunity to work out a reduction in the tax assessment without the cost and uncertainty of an appeal and subsequent litigation.
If the informal process does not yield a positive result, the next step is the filing of an Application for Appeal to the Board of Assessment Appeals (“BAA”). Tax appeal applications will become available at the assessor’s office or on the municipality’s website in late January or early February 2012. We are available to assist you in preparing your application to ensure that your appeal rights are protected.
The deadline to file an application with the BAA is February 20, 2012, although some municipalities may elect to extend the deadline to March 20, 2012. Taxpayers have no right to extend the applicable filing deadline. If a deadline is missed, there is no right to appeal the valuation.
If you file your application in a timely and correct manner, you should receive a notice from the BAA of a hearing date, which usually takes place in March and April. However, if your property is commercial property and the assessment is greater than $1 million, the BAA may decide not to conduct a hearing. In such a case, instead of providing you with a hearing date, the notice will state that the BAA declined to hear your case. It has been our experience that BAAs are proceeding in this manner with more frequency.
If you are not satisfied with the BAA’s decision, the next and final remedy is an appeal to Superior Court. The deadline date for appealing to Superior Court is two (2) months from the date the BAA’s decision is postmarked.
The real property tax assessment and appeal process is an important tool for real estate owners, as well as tenants who are obligated to pay real estate taxes based on the terms of their leases.
Our firm practices in all areas of commercial and residential real estate. Our real estate tax appeal clients include national, regional and local retail, office, industrial and residential property owners and tenants. We offer a pragmatic, cost-effective and pro-active approach. This is a growing practice area of our firm based on the positive results we have achieved for our clients.
Christopher McKeon and Amy Blume at Bershtein Volpe & McKeon, PC have over 30 years of combined experience commencing, pursuing, resolving and litigating real estate property tax appeals throughout Connecticut. They have worked with assessors, appraisers, owners and tenants to make the appeal process as transparent as possible so that our clients can make informed decisions about when, whether and how to seek reductions in the assessed value of their real estate.
If you have an interest in learning more about this process, please do not hesitate to contact Chris at 203-777-5805/cmm@bvmlaw.com or Amy 203-859-6229/apb@bvmlaw.com
