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City of Torrington Assessor Brian Lastra announces the 2003 real estate reassessment is nearing completion. Change of Assessment Notices for all City parcels will be mailed to property owners later this week. The City's revaluation consultant, Vision Appraisal Technology, will be handling the mailing of the assessment notices. In accordance with Connecticut state law, all real estate must be reassessed once every four years. The city's last reassessment was completed as of October 1, 1999.
The new assessment for each property is set at 70% of its fair market value as of October 1, 2003. As the attached graph illustrates, the assessment sale price ratios have been steadily declining since October 1999. In October of 1999 the 12-month moving average assessment to sale price ratio was approximately 70%. Today the 12-month moving average is approximately 50%, indicating a general increase in market values.
Once property owners receive their notice, they are encouraged to review their new assessment and property data on the Internet at www.visionappraisal.com or at the assessor's office. The web site and computers in the assessor's office allow access to all parcels and their corresponding market value estimates, assessed values, building data, and photographs. Property owners can also research information concerning properties that have recently sold.
Property owners who disagree or have questions concerning their new assessment may request an informal assessment review with Vision Appraisal Technology. At the informal review, property owners can provide information that supports their opinion of value. Instructions for scheduling an appointment will be included in the assessment notice.
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