New Canaan's Tax Assessment

Jeb Walker, the first Selectman, met with the New Canaan Board of Realtors today at our monthly membership meeting. The hot topic was the new assessment. He said that while the new assessment valuations are going up 30% based on a median number, it is expected that the mill rate will drop substantially. The mill rate will be based on the budget of the town after the grand list is finalized. So even though it appears that your assessment has increased substantially, your taxes may not increase to that degree. The town has a shortfall in the budget to cover, and the town is working on cost saving measures to make things work.

The town's assessor was also present at the meeting. In the course of his conversation, he mentioned that the town divides the geographical area into 16 neighborhoods, each allocated with a different number and different land valuations. Although building assessments are based on square footage and are fairly consistant, the location of the property will dictate the land valuation. This information is public and available at the tax assessors office.

Ryan Associates, the tax appraisal company hired by the town to conduct the new assessment, has been having informal hearings with residents who feel that their new assessment is in error. They have concluded these meetings. However, if you feel that your new assessment is miscalculated, you will have the opportunity to meet with the Board of Assessment Appeals through March before the grand list is finalized. Contact the tax assessor's office for further information.