An assessment is the value placed on a property appearing on the Grand List. It is the basis upon which the property tax levy is distributed among the property owners in a community. In order to determine the tax liability of a particular property, the property assessment is multiplied by the municipality’s mill rate.
In Connecticut, an assessment is equal to 70% of the fair market value as established by the municipal Assessor in the year of the last revaluation. For motor vehicles and business personal property, this assessment is recalculated annually as of October 1st. Real estate assessments are established during the town-wide revaluations, which are performed on a periodic schedule, established by State Law. Currently we are mandated by Law to do a revaluation every 5 years.