Real estate is all land and all improvements on or to land (such as buildings, fences, and paved driveways), as well as easements to use air space (Chapter 203 - Sec. 12-64).
Valuing Real Estate
With the exception of certain classified land, the assessment of each parcel of real property represents 70% of its estimated fair market value as of the date of a revaluation (Chapter 203 - Sec. 12-62, Sec. 12-62a and Sec. 12-63). Assessors value classified farm, forest, open space and maritime heritage on the basis of use, rather than on a fair market value basis (Chapter 203 - Sec. 12-107b through Sec. 12-107f and Public Act 07-127).
When a revaluation occurs, an assessor establishes the current fair market value of all real estate, in order to equalize the tax burden among property owners. While assessors must revalue all real estate not later than 5 years after the October 1 effective date of the previous revaluation, they may revalue real estate more often than once every 5 years.
The Town of Enfield re-valuated property on the October 1, 2011 grand list. (Chapter 203 - Sec. 12-55 and Sec. 12-62).
Before a revaluation becomes effective, taxpayers may receive questionnaires so that they may verify information concerning their properties. At least once in every 10 assessment years, an assessor (or an assessor’s designee) may request a taxpayer’s permission to enter a building in order to verify its condition and other information the assessor needs to establish its fair market value (Chapter 203 - Sec. 12-63). State law also imposes reporting requirements that affect owners of certain income-producing real estate in conjunction with revaluations (Chapter 203 - Sec. 12-63c).
Upon the completion of new construction (including building additions) in any year after the effective date of a revaluation, a taxpayer’s property assessment increases. The increase represents the portion of an assessment year during which the newly constructed improvement may be used for its intended purpose (Chapter 203 - Sec. 12-53a). Under certain circumstances, a real estate assessment reduction may occur during an assessment due to the demolition of a building (Chapter 203 - Sec. 12-64a).