Wilton delays release of revaluation notices
WILTON — The town has delayed its release of notices on the new valuations of local properties until “no later than the end of the month,” a top Wilton official announced on Friday.
The town had previously announced that property owners would be advised of the results of the state-mandated property revaluation by mid-December, according to a statement from First Selectwoman Toni Boucher.
“Due to the complexity of changes in the real estate market ... the town is devoting a few extra days with its vendor to review and ensure the accuracy of the values,” Boucher’s statement said. “The town expects to complete this process and have the valuation notices mailed no later than the end of the month.”
Once the valuation notices are issued, all property owners will have an opportunity to meet with representatives from the town vendor, Vision Government Solutions, to ask questions about how property values were derived, according to the statement.
Informal hearings, available by appointment only, will be held at the Comstock Community Center from Jan. 8 through Jan. 19. The phone number to call to reserve a time will be in the assessment letter going out in late December, the statement said.
Under the revaluation, values are likely to increase across nearly all properties in town. Work on the revaluation began back in May, after three
years of skyrocketing home prices and a matching increase in sales. It includes all residential and commercial properties in Wilton.
“It is extremely important that all property owners understand that the new valuations do not necessarily mean that property taxes will rise,” the statement said. “The town of Wilton strongly encourages property owners not to estimate their taxes based on this new assessment. Tax rates will only be finalized this spring after a thorough budget process when all numbers are calculated.”
The revaluation will establish updated real estate assessments for the Oct. 1, 2023, grand list. This revaluation will correspond to the tax bills that will be due beginning in July 2024.
The revaluation, which is conducted every five years, determines the fair market value of every residential and commercial
property in the town. The goal is to equalize the values of all properties to ensure the local tax burden is distributed equitably.
State law requires each municipality to conduct a revaluation every five years, with inspections required every 10 years.
In Wilton, the last revaluation was as of Oct. 1, 2017. The town received a one-year deferral of the next revaluation, delaying it until 2023 because of the COVID-19 pandemic.
Boucher’s statement thanked residents for their patience as the town “carefully monitors these revaluations.”
“Our primary concern is that all new assessments are accurate and fair. We have therefore proceeded with deliberate care, giving this process the appropriate time that it needs,” the statement said.