Notices to Be Mailed out to Bridgeport Property Owners in the First week of January 2016; First Revaluation Since 2008
Bridgeport, CT – Mayor Joe Ganim today announced that the Bridgeport property tax revaluation scheduled for 2016 is on schedule and city property owners should be receiving notices of their revaluation within the first week of January 2016. The current 2015 grand list revaluation was scheduled for 2013 but was delayed by two years by action of the Connecticut General Assembly. Bridgeport Tax Assessor Elaine T. Carvalho is currently entering the final phase of the required City 2015-16 revaluation process. The Assessor's Office and Vision Government Solutions, the City’s revaluation contractor, are working diligently to complete all tasks on time so that the City’s revalued 2015 grand list is certified by February 29, 2016. All property owners will receive a notice of their new assessment on or about the first week of January 2016. Property data and assessment information is valued as required by state statute as of October 1, 2015. All revaluation information for property owners will be available online after January 1st at http://gis.vgsi.com/BridgeportCT/.
“As we grapple with Bridgeport’s current fiscal and budgetary challenges, it is critical to receive an accurate picture of our revenues,” said Mayor Ganim. “We are committed to making sure this property revaluation is done correctly and fairly, and that this is a transparent process to all property owners in our city who will be impacted.”
Property owners who may not feel that their new assessment represents 70% of fair market value as of October 1, 2015 may request a personal informal hearing to discuss their property value. The informal hearings will take place with Vision Government Solutions Inc at 45 Lyon Terrace in Bridgeport, by appointment only from January 6-22, 2016. Information on scheduling an appointment will be included in the notice sent to all property owners.
Mayor Ganim reminds Bridgeport property owners that they should not apply the current tax (mill) rate to new assessed property values, as a new mill rate will be determined to reflect the new property revaluation. Using the current mill rate will result in an inaccurate tax calculation. The new mill rate will be determined only after the City budget process is completed in the late spring of 2016.
By State law, the purpose of a revaluation is to bring the overall level of assessment for all property classes to the required 70% ratio of a property’s market value as of October 1 2015, based upon qualified market sales from October 1, 2014 to October 1, 2015.
The final grand list of assessments will be certified by the Assessor on February 29, 2016. Property Owners who are not in agreement with the final assessment valuation for their property may then formally appeal their assessment to the Bridgeport Board of Assessment Appeals. Hearings will be scheduled in late March and April 2016.