Why conduct a Revaluation?

A Revaluation is undertaken to

  1. Secure a more equitable distribution of the tax burden
  2. to bring the assessment level up-to-date
  3. to modernize assessment procedures
  4. to comply with the State statute. Revaluation is not intended to artificially raise revenues; its purpose is to value all properties by the same standard at the same point in time.

Furthermore, Connecticut Statutes require that all property be re-valued every five years, (CGS 12-62). The purpose of this requirement is to insure uniformity in real property valuations by eliminating inequities that have developed since the last Revaluation. Property values obviously change over time. 2016 was the year of Wolcott's last Revaluation prior to the 2021 revaluation. Over time, changing economic conditions may result in a change in the market value for residential properties. A properly conducted Revaluation eliminates the inequities that the past five years may have created.

Show All Answers

1. What is a Revaluation?
2. Why conduct a Revaluation?
3. What does a Revaluation do?
4. What is Market Value?
5. Who determines Market Value?
6. Isn’t what I paid for my Property Market Value?
7. When will I find out what my new Market Value is?
8. Why doesn’t the notice I will receive tell me how much my taxes will be?
9. How do I decide if my New Market Value is okay?
10. Will all property values change?
11. What sales did you use to value my property?
12. What if I don’t agree with my New Market Value?
13. If I still don’t agree, can this be resolved without the expense of going to court?
14. What if I’m not satisfied with the decision of the Board of Assessment Appeals?
15. What about the Elderly and other hardship cases?
16. Is there anything I can do to help during the Revaluation?