What Is The Formula For Assessing Land Values On Ct?

[Sid Holderly]

They have their formula and they rarely correlate to actual values. Here the house lot is X per acre, the excess over that is at 2/3 X, with one or both adjusted by an influence factor (slope, shape, location, etc.). To get any continuity to their data you have to look at all the property in a neighborhood or large section of town with regression. It is not worth the effort to find some correlation with a few houses.

 

[Howard Klahr]

This seems to confirm my assumption they have no clear formula for setting land value. Just adjust the value one way or the other to make it fit their needs.

While valuation utilizes math in order to perform analysis, the conclusions are not mathematically defined. Even in assessment valuation there is not a specific formula that must be applied that will result in mathimatical precision.

Just like two individuals will offer two different prices on the same house, real estate valuation has a degree of variance based on the information available to the analyst at the time of the valuation.

From the perspective of the homeowner what matters is the total assessment and not the allocation between land and building as it is the total assessment that taxes are based.

 

[JTip]

There is a formula but no one here knows it.

 

[jay trotta]

There is a formula but no one here knows it.

That's because assessor's will not provide the formula as to how they arrive at value's, in particular "land Value".

 

[gregb]

https://www.cga.ct.gov/2006/rpt/2006-R-0608.htm

https://www.cga.ct.gov/fin/tfs\2014...151027/CT Property Tax Primer Bell. Draft.pdf

 

[Terrel L. Shields]

Looking at the "field card" today, I see they altered the price (down) for the home AND for the land. How

They maybe basing land value as a percent of the total value or basing it on the basis of the age & class of the dwelling. Methods no appraiser should use. There is no industry formula. Land is valued as if vacant and available for its highest and best use when done correctly.

 

[jay trotta]

https://www.cga.ct.gov/2006/rpt/2006-R-0608.htm

https://www.cga.ct.gov/fin/tfs\20140929_State Tax Panel\20151027/CT Property Tax Primer Bell. Draft.pdf

Thanks for the info., but as I noted, assessor's here will not provide their information on, "land valuation", and as to how they arrive at those value's.

 

[Elliott]

Jstasking,
Have you thought of asking for an explanation from the Assessor? I'm speculating, but there could be veteran exemptions, or senior citizen exemptions, or some tax limitation on assessed value based on a voter initive. Are all the properties developed? Any differences other than their size? You've focused only on site size and there are lots of other value components.

 

[justasking]

Jstasking,
Have you thought of asking for an explanation from the Assessor? I'm speculating, but there could be veteran exemptions, or senior citizen exemptions, or some tax limitation on assessed value based on a voter initive. Are all the properties developed? Any differences other than their size? You've focused only on site size and there are lots of other value components.

The assessor is new this year so she did not make any of these valuations, but, yes I did email her twice asking for how they (the town) arrive at a given value and she did not reply back. She probably has no clue as to how it was done and she is probably praying I do not make a public issue of this where others examine their assessment compared to their neighbor.

All the properties I have sampled and reported here are developed and for some time. All are within a stones throw from my house. The one that is 1.11 acres is above me and the other two directly across the street from me. He (1.11) is younger than me by some 10 to 15 years so age is not the issue, here.

You can look anywhere here and find this over and over. The only place I find it stays the same is for streets where the lots are exactly the same size. The houses on the lots are all different in size but the lots are the same. In those cases the lot values are all identical. Again, not adjusted for age or military experience.

No matter how you slice it, someone who owns more pristine residential land than another should not be given a tax discount for that reason. I know of no other situation where this same philosophy applies.

As to the Connecticut documents posted, above, I find no reference to how to set land values from home to home, so if it is there please point me to it.

 

[Elliott]

justasking,

Looks like its a mystery worth pursuing.

I found this:

"Property Tax Exemptions, Abatements and Credits


State law authorizes various property tax exemptions for Connecticut residents, some of which are available in every city and town. Examples include exemptions for veterans of certain conflicts, certain survivors of deceased veterans and active duty members of the armed forces of the United States or the Connecticut National Guard who serve during certain periods. Exemptions are available to persons who are legally blind or who are totally and permanently disabled. Additionally, certain property (such as manufacturing machinery and equipment, air or water pollution control equipment, and property that a religious organization or an eligible non-profit entity owns) may be either totally or partially exempt from taxation (Chapter 203 – Sec. 12-81).

Some property tax exemptions are available only in a city or town that authorizes them via adoption of an ordinance (Chapter 203 – Sec. 12-81n through Sec. 12-81bb). Property tax abatements may also be available for certain types of new construction or rehabilitation in areas of cities or towns (Chapter 203 - Sec. 12-65 to Sec. 12-65h) and cities or towns may also authorize tax abatements of up to 50% for certain types of property uses (Chapter 203 - Sec. 12-81m).

The statutes that govern property tax exemptions set forth eligibility and application filing requirements.

Property tax credits are available to income-eligible elderly and totally disabled homeowners; the State of Connecticut reimburses local taxing jurisdictions for their tax losses due to such credits ( Chapter 204a – Sec. 12-170aa). Cities and towns may offer additional tax relief programs to income-eligible elderly and totally disabled homeowners (Chapter 204 – Sec. 12-129n). Cities and towns may also offer property tax relief to income-eligible homeowners who are 70 years of age or older (Chapter 204a – Sec. 12-170v).

The State of Connecticut also provides direct payments to income-eligible elderly and totally disabled renters (Chapter 204a – Sec. 12-170d)."

http://www.ct.gov/opm/cwp/view.asp?q=383128