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Tax Assessor Thomas Browne announced some mixed news for Fairfield homeowners this week. The good news: Tax bills will most likely decrease for about half the town in July. Unfortunately, that's because more than 89 percent of the properties are worth less than they were five years ago.
"Over the last three years, after values started to drop, those of us in municipal government would constantly hear, 'Why are my taxes so high?'" Browne said. "Now, the reverse is true. Property values have dropped."
The town must perform a revaluation of all properties every five years by law. Private firm Municipal Valuation Services LLC looked at recent home sales and other factors to assign an estimated value to each property in town. The values from this process will determine each property's tax rates for the next five years, starting with the tax bills due in July.
Across all of Fairfield's 20,120 properties, values saw more than $1 billion in total declines from 2005, or about 10.3 percent of the total. Browne said most of those declines came in residential properties. The majority of properties saw at decrease of at least 15 percent.
To compensate for declines in values, Fairfield will need to increase its mill rate next year. Currently, the rate is 19.27 mills, meaning a $500,000 home pays $9,635 in property taxes. Town Chief Financial Officer Paul Hiller estimated the new mill rate would be about 21.2 mills, increasing the property taxes to $10,600. But the tax collectors still need to factor in motor vehicles, commercial personal property, senior tax credits and other items before calculating the final rate.
First Selectman Kenneth Flatto said about 50 percent of Fairfield's homeowners would see at least a slight drop in their tax bills because of the devaluation. But he said residents would not see their taxes decrease as much as their home values did.
"But if your valuation last time was $500,000, and this time it's $400,000, it does not mean your taxes are going to drop 20 percent," Flatto said. "Your taxes will drop, but it might be 5 percent or 10 percent."
Browne's office has mailed notices to all homeowners detailing the revaluation, and owners can check their new values online at the VisionAppraisal. For those who feel their assessment is incorrect, there is a two-step process. First, homeowners can call Browne's office at 855-686-4825 or go online to arrange an informal hearing with the assessor. If still unsatisfied, they can petition for a formal hearing to the Board of Assessment Appeals in April.
Worried about your home values? Share your concerns in the comments below.
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