1. Connecticut’s Revaluation Tango Our Semi-Rational System of Property Taxation Presented by: Elliott B. Pollack, Esq.

2. The mass appraisal of all property within an assessment jurisdiction to equalize (and to update) assessed values. Dictionary Real Estate Appraisal (3rd Edition). Definition: Revaluation

3. October 1 (Tax payment dates are July 1 and January 1 of the following years) Assessment Date

4. 100% / 70% Market Value / Assessed Value

5. a.Was 10 years - honored as much in the breach as in the observance b.As of 1997: Reduced to a “statistical” update every 4 years with a “physical” revaluation every 12 years Revaluation Cycle

6. c.The apple cart was upset in 2004! 2003, 2004 and 2005 revaluations could be deferred until 2006 revaluation schedule extended to five years Revaluation Cycle (continued)

7. Unfair assessments Valuation shifts Failure to equalize Administrative problems Problems With Revaluation Deferral

8. The more frequently revaluations are conducted, the greater assessment equity is achieved. The more frequently revaluations are conducted, the less impact there will be from valuation shifts. Take Aways

9. Volatile real estate markets can create great inequities among different classes of property. Better publicity and education is required so that assessment increases are not automatically equated to radical tax increases. Tax reform !?! Take Aways (continued)

10. Bridgeport Hartford New Haven Stamford Westport www.pullcom.com Elliott B. Pollack, Esq. Pullman & Comley, LLC 90 State House Square Hartford, CT 06103 860-424-4340 ebpollack@pullcom.com