![]() ![]() Fair market value is the standard by which the fairness of all assessments are judged. What is the fair market value and who determines it?įair market value is a legal term defined by the courts as the probable price which a property would bring on the open market, given prudent, knowledgeable and willing buyers and sellers. Real estate assessments are established during the town-wide revaluations, which are performed on a periodic schedule, established by State Law.įor more information, please call 86. For motor vehicles and business personal property, this assessment is recalculated annually as of October 1st. In Connecticut, an assessment is equal to 70% of the fair market value as established by the municipal Assessor. In order to determine the tax liability of a particular property, the property assessment is multiplied by the municipality's mill rate. It is the basis upon which the property tax levy is distributed among the property owners in a community. What is an assessment?Īn assessment is the value placed on a property appearing in the Grand List. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |