Property revaluation project to begin in Monroe

MONROE, CT — The town of Monroe has contracted with Vision Government Solutions to assist the Assessor with the State-mandated property revaluation for the October 1st, 2024 Grand List. State regulations require each Connecticut municipality to conduct a revaluation every five years. The last town-wide revaluation was completed for the October 1st, 2019 Grand List.

The purpose of a revaluation is to maintain equity and ensure that each taxpayer pays only their fair share of the property tax burden. Since the real estate market is continually changing and every property is not impacted equally, this is achieved by establishing the “fair market value” of each property as of the October 1st, 2024 assessment date.

Generally speaking, fair market value determinations are affected by a number of factors including property type (residential, commercial, industrial), location, individual property characteristics, and market supply and demand forces.

Assessments in the State of Connecticut are set at 70-percent of a property’s fair market value. Accurate property records are a critical component of maintaining an equitable distribution of the property tax burden.

The new assessments generated from this revaluation project will be based strictly on the market conditions leading up to the October 1st, 2024 valuation date. In the Fall of 2024, when the new values have been established, a notice will be mailed to all property owners indicating the new assessment for their property.

Anyone with questions concerning the revaluation results will have an opportunity to meet with a member of Vision’s staff shortly thereafter to discuss the new valuation of their property.

The new assessments will first be used to calculate property tax bills issued in July of 2025.

With the exception of any dramatic changes in the market in the months leading up to the October 1st, 2024 assessment date, the expectation is that residential properties will generally see a substantial increase in their valuations.

Upon receiving notice of the new assessments, the Assessor’s Office would caution property owners not to try to estimate their tax liability by multiplying their newly determined assessment against the existing mill rate.

If the total pool of assessment of properties in town increases as is currently forecasted, there may be a meaningful adjustment to the mill rate. However, the mill rate is dependent on the funding required to finance the town’s annual budget.

Ultimately, the actual tax implications for each property will not be known until Monroe’s fiscal year 2025-26 town budget is approved and the new mill rate is set by the Board of Finance in the Spring of 2025.

Data Collection and Inspection Process

The first phase of the project will start this Spring, with a “Data Mailer” verification form being mailed to each residential property owner. This will allow property owners to verify the accuracy of their property record information and provide updates as necessary.

A return envelope with pre-paid postage will be provided with the Data Mailer. Data Mailers may also be returned through email. Failure to complete the Data Mailer may necessitate a physical inspection of the property.

In the Spring of 2024, Vision data collectors will begin the process of visiting every residential property that has sold since January 1st, 2023 up through October 1st, 2024 to perform a full inspection.

A letter notifying property owners of Vision’s intent to perform an inspection of their property will be mailed out and will include instructions detailing how an inspection can be scheduled at a time of your convenience.

Vision personnel will also be inspecting all commercial and industrial properties, as well as selected properties with open or recently completed building permits.

In addition, Vision reviewers and appraisers will also be visiting all properties in Monroe to perform a street level field review and take an updated photograph of each property.

An interior inspection will not be performed unless a person 18 years or older is available to sign the data collection form verifying entry.

Data collectors will be wearing an identification badge and will also have written documentation from the town stating their affiliation with the revaluation project. All Vision representatives and their vehicles will also be registered with the Monroe Police Department.

Homeowners are encouraged to ask for this identification prior to admitting anyone into their homes.

Data collection hours are typically between 9 a.m. and 7 p.m., Monday through Friday, and some Saturdays.

Anyone with any concerns as to the identity of any revaluation personnel may call the Assessor’s Office anytime during Town Hall business hours or the Monroe Police Department for further verification.

Keep in mind that Vision personnel are not town employees and are not prepared to answer questions concerning taxes, values, or town regulations. Any questions regarding current assessments should be directed to the Assessor’s Office.

More information regarding the 2024 Revaluation project can be found at the websites listed below, or by contacting the Assessor’s Office at 203-452-2803.

“We thank you for your understanding and cooperation during this process,” Assessor Justin Feldman said.

For information, visit monroect.gov/p/revaluation or vgsi.com/taxpayer-revaluation-information.

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