July 1, 2022

Values Drop in New Deep River Property Assessments to be Mailed Dec. 3

DEEP RIVER—  Residential property values are down by an average five to ten percent in the new 2010 property assessments that will be mailed Dec. 3.

Assessor Robin O’Loughlin said the new assessments for the town’s 2,186 residential, commercial, and industrial properties would reflect values established under the full town wide property revaluation that was completed this year. The revaluation, the first full revaluation with visual inspections of all properties, was done by Vision Appraisal of Northboro, Mass. An interim revaluation was completed in 2005, done by O’Loughlin with some assistance from Vision Appraisal.

O’Loughlin and Steve Ferreira, a district manager for Vision Appraisal, told the board of selectmen Tuesday the new assessments reflect the drop in real estate values that occurred before and after the national economic downturn that began in September 2008. Ferreira said all towns doing a revaluation or five-year revaluation update this year are experiencing a drop in residential property values that would result in a lower grand list of taxable property.  “It’s not unique to  Connecticut, it’s all of New England,” he said.

Ferreira said most, but not all, residential properties in town would drop in assessed value five to ten percent from the assessments established in the 2005 revaluation update. State law requires properties to be assessed at close to 70 percent of market value, with the new Deep River assessments reflecting 63-70 percent of market value. The values are based on prices set in actual property sales occurring in Deep River over the past year.

Ferreira said the median selling price for a “typical residential property” in Deep River was $265,700 this year, down from a median selling price of $282,500. He said assessed values for commercial and industrial properties had changed little since 2005.

First Selectman Richard Smith said the lower assessments would bring a lower grand list of taxable property, and a likely rise in the tax rate in 2011. Selectman Art Thompson agreed, noting “just because your assessment is down by five to ten percent it does not mean your taxes will go down by five to ten percent.” The 2010 grand list of taxable property will be filed early next year.