2014 Tolland Revaluation

Assessors Background• Prior to becoming the Assessor in Tolland, I spent 15 years working

for Revaluation companies.• I worked for Lesher Glendinning Municipal Services from 1997-2003

where I started out as a data collector and worked my way up to staff appraiser.

• Lesher Glendinning performed the 1981,1991, and 1999 revaluations here in Tolland. I did not work on those projects.

• I worked for Vision Appraisal from 2003-2012 as a project supervisor. While there I successfully completed over 100 projects throughout New England.

• Vision was hired to do the 2004, and 2009 revaluations. I did not work on those projects.

• I came to Tolland in 2012 to work closer to home and start a family.

Revaluation Statute• In Connecticut, Revaluations are mandated by statute 12-62b to be performed

every 5 years.• The assessor shall revalue all of the real estate using either a statistical update or a

full physical inspection. A physical revaluation must be carried out not more than once every ten years.

• There are various methods by which a Revaluation may be accomplished. 1. Revaluation by a professional certified firm.2. Revaluation by an assessor with the assistance of his staff.3. Revaluation by an assessor with the assistance of his staff and a consultant.

• The town chose to send out RFP’s (Request For Proposals), and only 2 Revaluation companies replied with bids.

• Vision Government Solutions Inc. proposed $139,000 and Tyler Technologies proposed $88,700.

• Tyler's proposal was missing over $25,000 in tasks required by the assessor to have a successful project. They also did not supply a cashiers check for 10% of the bid price which was also a requirement.

In House Proposal

• Due to the large discrepancies in the two bid prices and Tyler's bid failing to meet the requirements made by the RFP, the town asked me if an in house Revaluation was possible.

• I put together a proposal that would allow me to complete the job on time and not have it effect my regular work schedule. The 4 day work week made it possible to complete the tasks.

• My proposal to the town was for a $45,000 salary plus $7,943 in fringe costs. An additional $12,450 was needed for software, hardware updates, consultants and the mailing of assessment impact notices for a total of $65,393. This total equates to a savings of $73,607 or more than half of Visions bid.

• The Town and Assessor signed the contract on March 11 ,2014.

Revaluation Process for Statistical Update

• Sales field review and inspections.• Update CAMA system tables based on sales data.• Field review of all parcels.• Reimaging of all improved parcels.• Analyze income and expense reports.• Sales analysis and reconciliation of values.• Change of assessment notices.• Informal hearings.

Sales Review

• The assessors office has reviewed 273 sales dating from 4/1/2013 - 10/1/2014 (18 months) to help fully understand the changes that are occurring in the market.

• One years worth of sales are required to be used according to the Ratio Testing Standards set by the state. 143 sales from 10/1/2013 -10/1/2014 were used in the final analysis.

File Update

• Upon completion of the sales review, building rates, depreciation tables, and land curves were all updated based on the new sales data found in the field.

• PA 490 land values have been updated as part of the revaluation. Current state recommended values have increased for Farm Tillable A&B and have dropped slightly for Tillable C&D, Orchard, Pasture, Swamp, and Woodlands.

Field Review

• The field review consists of a drive by viewing of all properties to ensure correct data and to record market influences.

• An attempt to record a new photo of each property was made. However due to long driveways and obstructed views, the collection of new images was too time consuming and will be completed this winter if the weather cooperates.

Commercial and Industrial Valuation

• A field review of all parcels was completed.• During the field review for commercial and

industrial properties we look for not only changes in the physical property, but changes in tenants and functional issues.

• Commercial and Industrial properties are valued by market sales and by the income approach to value. Observed vacancy and other economic factors play a role in the overall valuation.

Income & Expense Questionnaires

• Income and Expense questionnaires were sent to all income producing properties(100).

• I&E’s have been analyzed and processed as part of the commercial/industrial valuation.

• Local market data as well as income capitalization publications were used to update economic rate tables.

Sales Analysis/Reconciliation

• Sales Analysis helps determine what changes need to be made to the rate tables in order to meet state required statistics.

• Once the sold properties meet the requirements, tables are updated and new rates are applied to the unsold properties.

• Further tests are run to ensure uniformity.

Notices/Hearings

• Assessment Notices will be mailed on December 2nd 2014. All non exempt properties will be sent an assessment change notice.

• The notice will read your old assessment on the left and your new proposed assessment on the right.

• If you have PA 490 Farm, Forest, or Open Space your new assessment will reflect the new 490 value.

• Instructions on how to file an appeal will be included with the mailing.

• Those wishing to review their assessment will be able to set up an appointment to discuss their concerns.

Where we started

Where we stand now

State Requirements

• The state requires an SAR(Sale to Assessed Ratio) from .63 - .77 or ASR(Appraised to Sale Ratio) of .9 - 1.10.

• The state requires a COD(Coefficient Of Dispersion) of less than 15% for Residential and 20% for Commercial and Vacant Land.

• PRD(Price Related Differential) of .98 – 1.03.• Unsold Property Test must be between .95-1.05

How does this effect me?

Assuming that all parts of the equation are equal. That means the budget does not change, state funding does not change, the motor vehicle, and personal property portion of the grand list remain unchanged. With a 4% reduction in the grand list, the mill rate would have to increase 4% in order to raise the monies needed to fulfill the budget. Current Mill rate=.03105 x 1.04 = .03229

Grand Levy(budget)/Grand List = Mill Rate

Questions???