FOR IMMEDIATE RELEASE
September 23, 2008
Contact: Melinda Fonda, Tax Assessor, 203.385.4025
Heather Habelka, Office of the Mayor, 203.385.4001
Town of Stratford to Begin Revaluation
Stratford, Conn. (September 23, 2008) - Representatives from Vision Appraisal Technology of Northboro, Mass, a firm hired by the Town of Stratford to assist in the town wide revaluation required for the October 1, 2009 Grand List, will begin collecting data during the week of September 29, 2008.
The entire revaluation process is 16 months long and consists of five components: data collection, market analysis, valuation, field review and informal hearings.
As part of the initial data collection phase of the municipal revaluation, “listers” will visit residential and commercial properties to physically inspect and measure a building's interior and exterior. Building characteristics such as style, size, age, quality of construction, improvements, topography, utilities, applicable zoning restrictions are recorded. In addition, photographs of properties will be obtained for the revaluation project.
In order to ensure public safety, the "listers" will carry two forms of photo identification: a Town of Stratford issued ID badge and a Vision Appraisal ID badge. In addition, descriptions of the “listers’” cars and license plate numbers will be on file with the Police Department (203.385.4104) and the Assessor's Office (203.385.4025).
“I urge homeowners and business owners to request identification before granting anyone permission to enter their property,” said Mayor James R. Miron. “In addition to requesting identification, property owners may call either the Police Department or the Assessor’s office for verification.”
The entire interior inspection process takes approximately 15 minutes and “listers” conduct inspections between 8am-7pm Monday through Friday with additional weekend hours scheduled as needed. Two separate attempts are made to enter a property. If no one is home on either of those two occasions, a letter will be sent to homeowners to schedule an appointment at his/her convenience.
To confirm that a home has been inspected, the homeowner will be asked to sign a data collection form, verifying that the inspection took place.
FACT SHEET: Five Components of Municipal Revaluation
PHASE 1: DATA COLLECTION
The first phase, Data Collection, will begin the week of September 29 and last for approximately 9 months. During this phase "listers" go to each property and physically inspect the interior and exterior of each building. Listers note the building’s location, size, age, quality of construction, improvements, topography, utilities, zoning restrictions, if any, and numerous other characteristics both inside and out. To confirm that a home was inspected, the homeowner is asked to sign the data collection form to verify that the inspection took place. The interior portion of this process takes approximately 15 minutes. All Vision representatives will carry identification cards and have their cars listed with both the Assessor’s Office and the Police Department.
PHASE 2: MARKET ANALYSIS
A variety of resources are used to analyze the real estate market. While the physical data is being collected by Vision “listers,” appraisal personnel will be analyzing recent sales that took place over the last few years to determine which market factors influenced property values. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and set street indexes, which rate the desirability of locations throughout the Town.
PHASE 3: VALUATION
Valuation is done using one of the three recognized methods: replacement cost, income approach and market value. Market Value is the most widely used approach. During this phase, individual characteristics of the building are analyzed using information gathered in both phases one and two. Each property is compared to other comparable properties with similar characteristics and the market value of the improvements are added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.
PHASE 4: FIELD REVIEW
Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field by experienced appraisers who double-check uniformity and accuracy of information.
PHASE 5: INFORMAL HEARINGS
Once the field review is completed, a “Notice of New Values” will be mailed to each property owner. At this time, anyone with questions concerning the revaluation process or about the data collected on their property has an opportunity to meet with a member of Vision's staff to discuss their property value.
After all five phases are completed all data, files and records that are used in the revaluation are put on file with the Assessor’s Office.
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