Value, Revaluations and Inspections
Generally: Real estate is assessed on 70% of its
value as of the assessment date (October 1st). The assessment will
remain constant until the next revaluation, unless: improvements or
physical changes are discovered, or corrections made to the data. Zone
changes or variances may have an impact on value, hence the assessment
may change. It is also possible that a change will create a decrease in
Residential Property: Connecticut General Statutes
modified the Revaluation Cycle during the June 2004 Sessions.
Connecticut towns must implement Revaluations every 5 years. If the most
recent revaluation was "statistical," the next Revaluation must be by
Physical Inspection. See Section 12-62 (a) and (b). A town may also
conduct more frequent revaluations if the local governing agency
approves such an ordinance.
The 2013 Revaluation for Wethersfield is completed, therefore the next revaluation will be for the 2018 Grand List.
Commercial Property: Income is a factor in the
valuation of commercial properties, and all commercial properties will
be required to submit an Income and Expense Report annually. The I
& E is due June 1st of any given year, and failure to submit will
result in a 10% statutory penalty on the next Grand List. Requests for an extension must be filed with the Assessor's Office no later than May 1st.