Current through March 14, 2024
(a) Compiling
Market Value Data
(1) A file of all real
property sales transactions for the sales time period used shall be
established. For each such transaction the following information shall be
included in the file: parcel identification number, property location, United
States Census Bureau census tract number, date of sale, sales price, property
assessment as of the date of the sale, property class, and any other salient
property characteristics as of the date of the sale. The sales price of the
property and its condition as of the date of the sale should be verified, if
possible, with the buyer or seller.
(2) If the sale property is not considered a
market sale as delineated in subdivision (9) of section
12-62i-1
of the Regulations of Connecticut State Agencies, the file shall contain the
reason for such determination.
(3)
The file may reflect an adjustment to the property sales price. The reason(s)
for the adjustment shall be documented. Reasons for such an adjustment may
include, but are not be limited to:
(A) The
fact that personal property is included in the transaction;
(B) The existence of a lease that does not
represent market rent, as defined in section
12-63b
of the Connecticut General Statutes; and
(C) The effects of price changes reflected in
the real estate market between the date of sale and the assessment date that is
the effective date of a revaluation.
(b) Prior to finalizing a revaluation, the
assessor shall conduct the following tests regarding the assessments derived
from such revaluation. The assessments resulting from the revaluation shall be
deemed sufficient, provided the following criteria are met:
(1) the overall level of assessment for all
property classes shall be within plus or minus ten percent of the required
seventy percent assessment ratio, as measured by the overall median ratio,
and
(2) the level of assessment for
each property class with fifteen or more market sales shall be within plus or
minus five percent of the median overall level of assessment for each property
class, and
(3) the coefficient of
dispersion for each property class with fifteen or more market sales shall be
equal to or less than fifteen percent for all property, equal to or less than
fifteen percent for residential property, equal to or less than twenty percent
for commercial property, and equal to or less than twenty percent for vacant
land, and
(4) the price related
differential for all properties and for each property class for which there are
fifteen or more market sales shall be within 0.98 and 1.03, and
(5) the unsold property test result shall be
between 0.95 and 1.05.
(c) In the event that the criteria described
in subdivision (1), (2), (3), (4) or (5) of subsection (b) of this section are
not met, the assessor shall, prior to the implementation of the revaluation,
further analyze and refine the data elements or methods used in the
revaluation. The assessor shall revalue the parcels of real property for which
a deficiency in either the level of assessment or the uniformity of assessments
has been identified.