A Revaluation is undertaken to
- Secure a more equitable distribution of the tax burden
- to bring the assessment level up-to-date
- to modernize assessment procedures
- 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.