PROPERTY TRANSACTIONS

is that the appraised value sets an amount that the lender is willing to extend for a purchase or refinance mortgage.

In most cases, the appraised value matches or exceeds the market value. When this situation occurs, the lender will be willing to approve the mortgage since the home can serve as collateral to the loan.

If the appraised value comes back lower than expected, the buyer and seller need to figure out how to reconcile the difference. Kyle Hiscock, a real estate agent in Rochester, N.Y., says this might involve lowering the sale price, contesting the appraisal, or requesting that the buyer cover the difference.

ASSESSED VALUE

Even if you aren't planning on selling your home, you might be interested in the assessed value. This figure determines how much you'll pay in property taxes for public services.

Gordon says most municipalities will employ an assessor to determine the fair market value of a property based on factors such as the sale of comparable homes and any recent improvements, such as additions or finished basements. A certain percentage of this value is used as the assessed value to determine how much you'll pay in property taxes.

In Connecticut, assessed values are 70 percent of the fair market value determined by the assessor. So if the assessor determines that the market value of a home is $200,000, the assessed value will be $140,000. The assessed value is subject to the municipality's mill rate, which sets the property tax per $1,000 in assessed value.

The assessed value generally remains in place for a long time. Diane Tuman, writing for the real estate site Zillow, says municipalities will periodically conduct reassessments to correct inequities. These might include homes that have appreciated greatly in value but have low assessed values based on a sale that took place many years ago. Smith says communities may also reassess a property after it has been sold. 14 Sterling Ridge Ln #14: Chastang, Christopher R to Johnson, Jacob D, $162,000.

STONINGTON

1189 Pequot Trl: Calve Family Corp to 1189 Pequot Trail LLC, $637,500. 122 Castle Hill Rd: Kluberdanz, Donald J & Camelio, Linda M to Stevens, Glen A & Stevens, Amanda R, $356,000. 130 Castle Hill Rd: Ingham, David & Ingham, Nathan to Do, Steven & Do, Tara E, $377,000. River Rd: Riverbend Builders to Labrecque, Vito J & Labrecque, Laura R, $200,000. 3 Canary St: Mayhew, William J to Kluberdanz, Donald J & Camelio, Linda M, $264,000. 523 N Main St: Fullerton, John B & Fullerton, Susan L to White, Harold T & White, Elizabeth P, $1,700,000. 1440 Pequot Trl: Hall, Joyce P & Krilyno, Stephanie L to Mustdo LLC, $167,500. 23 Pequotsepos Center Rd: Thearle, Daniel A & Thearle, Tabitha M to Runkle, Jennifer M, $539,000. 28 Willow Dr: Ji, Jiang H & Deng, Bojuan to Brown, Matthew Z & Brown, Allison F, $399,900.

VOLUNTOWN

338 Beach Pond Rd: Horne, Patricia E to Grenier, Joseph H, $75,000. 222 Bennett Rd: Buckley, Frederick H & Buckley, Evelyn K to Belisle, Phillip O & Belisle, Sandra B, $50,000. 249 Bennett Rd: Buckley, Frederick H & Buckley, Evelyn K to Belisle, Phillip O & Belisle, Sandra B, $125,000. 144 Brown Rd: Citizens Bank NA to Bramack LLC, $42,000. Property transactions are compiled and reported by The Warren Group, a leading real estate and financial information provider since 1972. If you think something has been reported in error, please call 1-800-356-8805.