Following Bd. of Assessment Appeals, Town Grand List Decreases by $6MM
At Monday night’s Board of Selectmen meeting, Town of Wilton CFO Anne Kelly-Lenz reported to the selectmen the results of any appeals made to the town by property owners as part of the recent Grand List revaluation. As a result of the 188 appeals that were made, the grand list value was reduced by approximately $6 million, representing a 0.14% change.
Property was reassessed as part of the legally-required revaluation process the town does every five years to reappraise all real estate in Wilton through data collection and comparing market values of comparable property. Real estate is assessed at 70% of fair market value. A revaluation is done to account for any appreciation or depreciation of that value at different rates since the last revaluation, which was in 2012. While a revaluation is supposed to be conducted every five years, Wilton’s 2017 revaluation was postponed for a year, and properties were still be assessed to reflect 70% of market value as of Oct. 1, 2017.
Kelly-Lenz delivered numbers provided by the town’s assessor, Sarah Scacco.
The Board of Assessment Appeals received 188 assessment appeal applications. Those broke out into several appeal classifications:
Business Personal Property: 7
Residential Real Estate: 144
Commercial Real Estate: 37
Supplemental Motor Vehicle: 0
The bulk of the change was reflected in successful appeals by real estate holders. The total value of those property appeals dropped $5,847,184. Personal property appeals resulted in only a $3,540 decrease.