CITY OF HARTFORD ANNOUNCES 2006 REVALUATION

---NEWS RELEASE---

(November 2, 2006)--- Revaluation notices will be mailed out at the end of November to all property owners.  The market value reflected on the notice is as of October 1, 2006.

The last full revaluation in the City was for October 1999.  State law requires a revaluation for October 1, 2006. Hartford completed and then delayed a 2003 revaluation to allow City staff time to examine alternatives to the property tax surcharge system presently in place.  Mayor Eddie A. Perez successfully convinced the State Legislature this past spring to pass legislation that will allow Hartford to grant tax relief to the residential properties and phase-out the commercial surcharge over a 5-year period.

Since the last revaluation, as in many other municipalities in the state, the market value of property has increased dramatically.  The increases vary by area of the City and by type of property and all are reflective of the large increase in sales prices in the last few years.  The revaluation, which was done by the Assessor’s Office staff, consisted of analyzing these sales to determine the current market value for the various types of property.

Lawrence LaBarbera, City Assessor, says, “The median price of a single-family home in Hartford increased from $78,100 in October 1999 to $160,300.  This is a 105% increase.  However, even though the assessment doubled, your tax bill won’t double.  It is important to remember that a tax relief bill was passed this year that will prevent homeowners from feeling the full effect of revaluation right away.”

Mayor Perez says, “It is good that home values are increasing as a sign of growth and vibrancy in the City.  However, I am going to continue to fight at the State Legislature to find a permanent solution for Hartford’s working families--- the poorest in the state--- so that they don’t have to bear an unfair property tax burden.”

Thomas Morrison, III, Director of Finance states, “The growth in values reflects the many development projects in Hartford and the interest people are showing in the City by moving here and buying homes here.  The increase in property values reflects a positive trend for property owners.”

Property owners who believe that their value does not reflect current market value will have an opportunity to schedule a hearing with the Assessor’s Office.  There will be information shown on the notice regarding the appeals process.

Property owners who intend to appeal the assessment to the Board of Assessment Appeals must file their appeal prior to February 20, 2007.  The Board will hear appeals in March.  Forms will be available in the Assessor’s office or at www.hartford.gov/assessor.  New assessments are not yet posted on the website but all of the property characteristics, including a photograph and sketch, are available.