The Assessor’s Office is in the later stages of the revaluation process for the State-mandated 2011 Revaluation. Assessment Change notices were recently mailed to all residential property owners by eQuality Valuation Services, LLC, the revaluation firm performing this revaluation. Information provided with the notice gives directions for accessing the company’s website. You can view your individual property information on the website www.eQualityCAMA.com » Town Information » Killingworth » Killingworth 2011 Revaluation Property Record Cards , type in one of the search fields and click on search. An appointment for an informal hearing with the revaluation firm can be scheduled as well at the same link (» Town Information » Killingworth » Informal Hearing Appointments » Residential & Commercial).

For taxpayers unfamiliar with the revaluation process, here is a short synopsis.

The process began with the hiring of a revaluation firm during the summer of 2010. During early fall of 2010, data mailers were sent to property owners detailing information specific to their property. Each property owner was asked to review that information and note any adjustments or corrections that might be needed. Owners could also provide comments or concerns about issues or conditions that might affect their property value, then sign, date, and return the data mailer to the revaluation firm.

The data collection process followed review of the data mailers. Personnel from eQuality Valuation Services’ appraisal department conducted exterior and interior inspections of properties in order to gather and verify physical data. Data such as location, square footage, age, quality, condition was collected. Amenities pertinent to the valuation process, such as number of bedrooms and bathrooms, improvements, and numerous other characteristics both inside and out were identified. This process continued through the fall of 2011.

While data collection was occurring, the appraisal process was also on going. A variety of resources were used to analyze the real estate market. Experienced appraisal personnel analyzed recent sales and lease information to ascertain market factors that influence property values. Once all data was collected and reviewed, values were set, using information gathered from past market activity. Valuation is determined using a combination of approaches taking into account such factors as the cost of construction, income produced by a property, and comparable sales.

Field review and value correlation has been undertaken to check and recheck data that was collected and values that were set. During this process, supervisory appraisal personnel return to properties to review and check uniformity and accuracy of information. Once the field review is completed, Notices of New Values are mailed out to property owners. Killingworth property owners should have received their notices around December 9th.

At this time, property owners have an opportunity to meet with the revaluation company representatives to discuss their value should they have any questions regarding their value, data collected on their property, or the revaluation process. As mentioned earlier, this is the point of the revaluation cycle that we have reached.

Equality Valuation Services will mail out notices of hearing outcomes by February 8, 2012.

If you still dispute the value assigned to your property, you may apply for a hearing with the Board of Assessment Appeals. You must apply in writing. The appeal application form may be downloaded here. Forms will also be available in the Town Office Building. Completed appeals forms must be received by the Board of Assessment Appeals, 323 Route 81, Killingworth, CT 06419 by 4:00 p.m., February 20, 2012. The Assessor’s primary objective is to make sure that the property tax burden is distributed fairly among Killingworth property owners. The office assesses all taxable property located within the town according to state law and under state oversight. The assessor is also responsible for reviewing and approving various forms of property tax relief and exemptions, such as senior tax relief and veterans’ exemptions.

The assessor produces the annual Grand List, a record of all taxable and tax-exempt property in Killingworth. Under state law, the Grand List must be submitted by the end of January for all property ownership on October 1 of the previous year. Q. What is an assessment?
A. An assessment is the value placed on property appearing in the Grand List—the list of all taxable and tax-exempt property in the town. To determine the tax liability for a particular property, the property assessment is multiplied by the town’s mill rate. In Connecticut, an assessment is equal to 70 percent of the fair market value as established by the municipal assessor. For motor vehicles and business personal property, this assessment is recalculated annually as of October 1st. Real estate assessments are established during the town-wide revaluations, which are performed on a schedule established by state law.

Q. What is the fair market value, and who determines it?
A. Fair market value is a legal term defined by the courts and state statute as the purchase price that a property would bring on the open market, given prudent, knowledgeable, and willing buyers and sellers. Fair market value is the standard by which the fairness of all assessments is judged.

Buyers and sellers determine the fair market value of real estate. The appraiser or assessor analyzes real estate transactions that occur within a community and determines the factors that led to the final sale prices. These analyses are then used to estimate the market values of all properties in a community. Some of the typical factors used by an appraiser in estimating market values include location, condition, age, size, and quality of improvements.

Q. What guidelines must the assessor follow?
A. The assessor follows:

• Connecticut General Statutes (primary Title 12)
• relevant case law (which assists in interpreting these statutes)
• regulations and administrative pronouncements from the State of Connecticut Office of Policy & Management, Intergovernmental Policy Division.

Q. How is the tax rate established?
A. The tax rate, or mill rate, is set annually by the elected Board of Finance members once the town’s budget has been approved in Town Meeting and the Regional School District 17 budget has been approved in a referendum. In simplest terms, the mill rate is the town’s levy—the amount of money the town needs to generate through the property tax in order to provide town and school district services—divided by the taxable grand list. In recent years, the education budget has accounted for about 80 percent of all tax dollars.

Q. How can I determine if my assessment is fair?
A. To judge the fairness of your assessment, two questions should be asked. First, does the assessment represent 70 percent of the probable selling price as of the revaluation date of October 1, 2006?

Second, is my assessment similar to that of comparable properties in town as of October 1, 2006? The assessor’s office maintains information that will help you answer these questions, including a list of properties that have sold in town and the assessments of all properties in town.