MERIDEN — The city will put out a request for proposals later this year for a firm to conduct a city-wide revaluation of all real estate beginning next year.
The city is required by state law to conduct the revaluation at least once every five years.
The city’s last revaluation, performed in 2016 by Northeast Revaluation Group, included inspections of recently sold properties rather than all improved properties. The upcoming revaluation will include physical inspections of properties, meaning the revaluation firm will enter homes and businesses to verify details included on the city’s property card and take inventory of any changes, according to Finance Director Michael Lupkas.
The city plans to notify residents of the inspections ahead of time and will coordinate with the police department. Inspectors from the firm selected will wear photo identification badges, Lupkas said.
Revaluation is expected to start in spring 2020 and finish up in late 2021. The city budgeted $100,000 in its 2019-20 budget for preliminary work.
Lupkas said it’s too early to say whether the total value of all city properties will go up or down in the revaluation, but added his “gut instinct” is that values will go up.
The appraisals are used to determine how much tax a homeowner pays. The tax rate, or mill rate, is the number of tax dollars paid on every $1,000 of assessed property value. In Connecticut, homes are assessed at 70 percent of their appraised value.
If the real estate values go up, the city could set a lower mill rate to collect the necessary revenues to fund its annual budget. If the values go down, the city may need to set a higher mill rate.
The changes made by the upcoming revaluation will be reflected on the 2021 Grand List and tax bills beginning July 2022.