Town: Home Price Assessments Up Since 2019 Doesn't Mean Taxes Increase

From the Town of Branford:

BRANFORD, CT — As residents are receiving Notice of Assessment Change for all real estate a lot of questions are being raised.

The state of Connecticut, under C.G.S. §12-62, requires a revaluation of all real estate every five years. State law mandates that the Town of Branford commence the five-year cycle for the October 1, 2024 Grand List.

Residential home prices have increased significantly in Branford since the last revaluation back in 2019. This DOES NOT mean your taxes will increase simply because your assessment increased. With an increase to the Grand List overall, Branford’s governing body can reduce the mill rate, lessening any required tax increase. In other words, the mill rate would fall by a proportionate amount, assuming budgets pre and post revaluation were identical. Revaluations are therefore “Revenue Neutral” and not a means to raise taxes. The point being that a balanced budget is all that is required. The valuation of your property is only one part of the equation necessary to determine your actual tax bill. The other and equally important part of the equation is the amount of tax dollars that the RTM and Board of Finance determine is needed for meeting the budgeted expenses of the Town of Branford.

Until a total Grand List, including all new values, is completed and a new budget is adopted in the spring of 2025, no one can say what the mill rate or your tax bill will be.

This does not affect tax bills due January 1, 2025.

Please visit https://www.vgsi.com/branford-ct-revaluation-project/ for more information. This website has been developed to provide Branford property owners with an understanding of revaluation and supply answers to frequently asked questions.

To schedule a hearing with Vision visit https://booknow.appointment-plus.com/3m3se3lc/appointments or by calling 888-844-4300 between the hours of 9 am and 4 pm Monday through Friday, excluding holidays.