- Q?What if my property data is incorrect on my Assessor’s Card?
Any errors in the physical description of your property, such as square footage, may be just cause for a tax reduction. You should notify us if there are errors on your property Assessor’s Card.
- Q?Do I have to pay my taxes if I have an appeal pending?
Yes. You must continue to pay your taxes prior to the due date in order to avoid penalties and interest. You will receive a refund if an appeal is later settled in your favor.
- Q?How can Property Tax Management (PTM) reduce my property taxes?
PTM is a real estate property tax consulting firm. Our professionals have more than 25 years of valuation experience in the local Connecticut real estate market. We have in-depth knowledge of how values are set by your assessor and revaluation firms, and know the key value-influencing factors that must be addressed during informal hearings, BAA hearings, and judicial appeals to reduce your property taxes.
- Q?What do I have to do if I hire you?
It only takes five minutes of your time on the phone for us to obtain information about your property and discuss your objectives. After your call, our property tax consultants and support staff will handle your appeal.
- Q?Is there a fee if you don’t reduce my taxes?
No! You pay absolutely nothing unless we reduce your property taxes. There are no hidden fees. You are not billed for court costs, appraisals, expert witness or legal fees. We will not send you an invoice unless we reduce your property taxes.
- Q?What should I do when I receive my change notice?
Change notices in Connecticut are mailed in November or December of a revaluation year. The notice will provide dates for the informal hearings with the revaluation company, usually with a very short scheduling window. The informal hearing is an excellent opportunity to resolve any valuation issues directly with the revaluation company before the Grand List is signed. You should plan on notifying us immediately upon receipt of your change notice so we can take advantage of the informal hearing process.
- Q?How is my real estate assessment determined?
Real estate assessments are set by Connecticut Statue at 70% of market value. Connecticut is on a five-year revaluation cycle, meaning that values set during a revaluation year remain fixed for the next five years (unless there is a physical change to your property like renovation). You will receive a change notice in November or December of a revaluation year setting your new property value for the next five years.
- Q?How are my tax savings calculated?
For the tax year in question, subtract the property’s final assessed value (after the protest hearing) from its initial noticed value. Then multiply the difference by the current effective tax rate. The resulting number equals the amount of tax savings. For example, if the initial assessed value is $1M and the final assessed value achieved by PTM is $900,000 and your effective tax rate is 2%, property tax savings are $2,000 per year until the next revaluation.
- Q?Should I hire you or should I do it myself?
By hiring PTM to handle your appeal, you will benefit from our professional expertise and in-depth knowledge of the property tax protest process.
- Q?When do the new tax rates come out?
The new Mill Rates in Connecticut come out after the budget process in spring, just before the tax bills are issued in July.