Home Sales Could Likely Boost Meriden’s Revaluation

Home Sales Could Likely Boost Meriden’s Revaluation

 

MERIDEN- The City of Meriden has contracted Municipal Valuation Services to perform the current citywide revaluation. Inspectors with Municipal Valuation Services will visit every property within the city, complete exterior measurements and speak to property owners to obtain correct physical characteristic data of their property. Additionally, the City has sent out data mailers to all residential properties in the City with a questionnaire regarding the homeowner’s property. 

 

The market value determines the value of a property with a closed sale between Oct 1, 2020 – Oct 1, 2021. Activity in the real estate market and the economy are also factors. Conversely, a single property sales transaction would not be the sole determination of your property’s value. The value of a property is based on the analysis of the entire real estate market. Sales in each area are used to create a model to which properties are compared and a value conclusion is concluded, this is referred as “Mass Appraisal”. The results are then statistically compared to State’s OPM standards as a test of reasonableness prior to the issuing of new assessment notices.

 

In the City of Meriden, the volume of sales has increased along with many values. The most popular priced houses are in the range of $160,000 - $350,000. These homes tend to sell within 30-days, resulting in an undersupply of inventory.

Examples of the changing housing market in Meriden includes:

  • A 1950 square foot home three bedroom one and half baths, built in 1925 sold for $217,000 in 2019 and again this year for $239,000, a 10.55% percent increase. Meriden has this property valued at $189,700 in 2015 valuation.

 

  • A 1208 square foot house built in 1957 has three bedrooms one and half baths sold for $176,666 in 2017 and again in 2021 for $211,000, 19% increase. Meriden has this property valued at $159,100 in the 2015 valuation.

Commercial sales activity is mixed, with some assets increasing in value, while others have decreased. Multi-family and industrial properties have generally increased in value over the past few years. Retail properties have been negatively impacted by closures due to the coronavirus pandemic. The office market has been similarly impacted.  Market participants expect the commercial markets to improve as the economy opens in the second half of 2021.

 

The first tax bills using the 2021 revaluation will be due in July 2022. Assessments reflect 70% of market value. Higher assessments do not always mean higher taxes.

Property owners should expect to receive an assessment change notices in November of 2021. Property owners who believe the assessment is incorrect or is interested in learning more about their assessment can request an informal hearing; which will be held in November and December.

 

Any questions or concerns, please call Municipal Valuation Services at 203-292-5500.

 

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Belen Michelis, Strategic Communications Specialist, bmichelis@meridenct.gov, 203-535-5663
Melinda Fonda, City Assessor, 203-630-4065