Will frequent revals ease tax hike pain?

From the Stamford Advocate:

New cycle sought for revaluations
By Donna Porstner
Published May 17 2007

The city would be required to conduct a revaluation every two years under a new legislative proposal intended to prevent huge increases in property assessments.

The sponsors – North Stamford city representatives Scott Mirkin, R-13, and Randall Skigen, D-19 – want to avoid situations such as the one taxpayers face this year, with property assessments that have not been updated in seven years.

The 2006 revaluation resulted in property values doubling and tripling for some owners because existing values were from 1999, before one of the biggest spikes in real estate prices occurred.

Although next year’s municipal budget will hike taxes 4.2 percent, single-family homeowners are expected to see average tax increases of 6.5 percent – and condominium owners average increases of about 11 percent – because the revaluation pushed higher taxes onto homeowners. Homeowners are paying more because their property values increased faster than commercial properties since 1999.

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8 Responses to Will frequent revals ease tax hike pain?

  1. MrDavy says:

    sounds like just another gimmick for the towns to get into your pockets faster and deeper as well

  2. James Bednar says:

    Unbelievable that condos will see an 11% tax hike.

    Some here have argued that buying a home shields you from constant rent increases.

    So what does a homeowner need to do to shield him/herself from constant tax increases?

    Seems like by buying, we simply trade of one possible cost increase for another. But either way, both are inevitable.

    Well, except that a renter always has the ability to move without incurring a considerable expense.

    jb

  3. Seneca says:

    Oh James, you just can’t discount the ability to paint your living room Aegean Mist. It will be worth the constant tax increases. And don’t tell me you can paint your rooms whatever color you want even if you are renting, you know its gonna cost at least $100 to paint everything back to white. Geesh!

    So who is gonna pay these reval firms for all their work every couple of years. Ummm, would it be, taxpayers?

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