Home prices substantially increased since 2020, but higher property values don't automatically mean you'll pay more in taxes: Town Manager.Ellyn Santiago, Patch StaffNORTH BRANFORD, CT — Connecticut cities and towns are required to update property values every four years, called revaluations. The state "moved up our revaluation from the 2025 Grand List to the 2024 Grand List in the interest of uniformity,&...
Home prices substantially increased since 2020, but higher property values don't automatically mean you'll pay more in taxes: Town Manager.
Ellyn Santiago, Patch Staff
NORTH BRANFORD, CT — Connecticut cities and towns are required to update property values every four years, called revaluations. The state "moved up our revaluation from the 2025 Grand List to the 2024 Grand List in the interest of uniformity," Town Manager Michael Downes said.
Revaluations of real property are essential to updating property values to match current market prices, making sure everyone contributes no more or no less to the Town’s levy, Downes noted.
"As most of you are aware, home prices have substantially increased since our last revaluation in 2020," Downes said. "The median increase for us is 36 percent, which is consistent with the rest of the state." He pointed to increases in Cheshire, 32 percent, Madison, 30 percent and Watertown, 46 percent by way of example.
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"If all property values in town go up, but the town’s budget doesn’t change, the mill rate is adjusted downward to balance things out," he said. "This keeps the total amount of taxes collected roughly the same."
What that means for the property owner: "Even though your property assessment increased, the lower mill rate could mean your taxes stay the same—or even go down—if the town’s budget doesn’t increase," Downes said. "Please keep in mind, the mill rate is usually established in late spring."
New valuations/assessments are based on sales of comparable properties over the last twelve months, the town manager noted.
"Taxpayers may compare their increases with their neighbors. Every home is unique, which makes the comparison anecdotal. It is recommended that you compare the new value to your 'best estimation' of what you believe your home would sell for today."
Downes said North Branford property owners will receive the revaluation notice in early December.
"The revaluation company will provide their phone number if you have any questions and/or if you would like to meet with an appraiser from the company," Downes said. "I strongly recommend informing the representative if you have a recent appraisal of your home."
As a reminder to residents, Downes said that there are "avenues of appeal available, starting with the Board of Assessment Appeals in March 2025."