2024 Property Revaluation Project
Access Current (2023 Grand List) Property Records Online
The Town of Monroe has contracted with Vision Government Solutions to assist the Assessor with the town-wide property revaluation for the October 1, 2024 Grand List as mandated by the State of Connecticut. State regulations require each Connecticut municipality to conduct a revaluation every five (5) years and must include a full inspection once every ten (10) years. Monroe's last completed revaluation was for the October 1, 2019 Grand List. The next town-wide property revaluation is scheduled to be completed for the October 1, 2024 Grand List.
The purpose of a revaluation is to maintain equity and ensure that each taxpayer pays only their fair share of the property tax burden. Since the real estate market is continually changing, and every property is not impacted equally, this is achieved by establishing the "fair market value" of every property as of the October 1, 2024 assessment date. Fair market value determinations are affected by a number of factors including but not limited to: property type (residential, commercial, industrial), location, the desirability of individual property characteristics and market supply and demand. Assessments in the State of Connecticut reflect 70% of a properties fair market value.
Monroe's last revaluation for the October 1, 2019 Grand List included attempts to make a full inspection of all properties. Therefore, not all Monroe properties are due for a full inspection during the 2024 revaluation cycle.
However, a "Data Mailer Verification Form" with pre-paid return postage has been mailed to all residential property owners so that they can verify the accuracy of the property characteristics as they appear on the Town's records. In addition, attempts to perform a full inspection will be made on all residential properties that have sold since January of 2023 through October 1, 2024, all commercial and industrial properties, and some properties with open or recently completed building permits.
In the Fall of 2024, when the new values have been established, a notice will be mailed to all property owners indicating the new assessment for their property. Anyone with questions concerning the revaluation results will have an opportunity to meet with a member of Vision's staff in the fall of 2024 to discuss the new valuation of their property.
The 2024 Revaluation assessments will first be reflected in tax bills issued in July of 2025.
Step 1: Data Collection: Spring 2024 To October 2024
Data Mailer Verification Forms will be sent out to all residential property owners in Monroe in March of 2024. To ensure the accuracy of the data used in our valuation process, we ask that you carefully read and complete the form to the best of your ability and return the signed and completed mailer using either the pre-paid postage return envelope or by email to mailbox1@vgsi.com within 10 days of receipt.
As mentioned above, attempts to perform a full inspection will be made on residential properties that have sold since January of 2023 through October 1, 2024 (qualified sales only), all commercial and industrial properties, and some properties with open or recently completed building permits. With the exception of properties with open or recently completed building permits, a separate letter will be sent to property owners notifying them of Vision's intent to perform an inspection of the property and provide them with the opportunity to schedule the inspection at a time of their convenience. In addition, Vision appraisers and reviewers will be visiting every property in Monroe beginning in the Spring of 2024 to do a streel level verification of property record information and to take an updated photograph of each property. Revaluation personnel will also be utilizing newly captured aerial imagery to compare against property record data.
For properties that are selected for full inspections, Vision personnel will measure the outside of the house as well as any other buildings on the property, take a new photograph of the property and request to perform a brief interior inspection. Interior inspections typically take only 5 to 15 minutes and include a quick tour of the house including the basement and attic space. The homeowner will be asked to sign the data collection form to verify that the inspection took place. An interior inspection will not be performed unless a person 18 years or older is available to sign the form. All Vision employees will carry photo identification and their vehicles will be registered with the Monroe Police Department. Homeowners are encouraged to ask for this identification prior to admitting anyone into their homes. If a homeowner has a question as to the identity of a data collector, they may call the Assessor’s Office during Town Hall business hours or the Monroe Police Department for further verification. Field review and inspection hours are typically between 9 AM and 7 PM Monday through Friday, and some Saturdays.
Homeowners are reminded that field reviewers and data collectors are not performing inspections to raise taxes. Their job is simply to collect and verify information to ensure that the data being utilized in the updated valuation model is accurate. Accurate property records are critically important for maintaining an equitable distribution of the property tax burden. The new assessments generated from this revaluation project will be based strictly on the market conditions leading up to the October 1, 2024 valuation date. Please keep in mind that Vision staff members are not town employees and are not prepared to answer questions concerning current taxes, values, or town laws. Any questions regarding current assessments should be directed to the Assessor's Office.
Please be advised that any property owners wishing to schedule an inspection appointment are encouraged to do so by following the instructions in the letters which will be sent out to each property owner. If you do not receive a notification that your property was selected for an inspection, but would like to request one, you can contact Vision at 1-888-844-4300 to do so.
Step 2: Market Analysis And Valuation: April 2024 To October 2024
The goal of the revaluation project is to establish the "fair market value" for all properties in Monroe. State-Certified Vision appraisers will analyze property sales, rental income information, local building costs, and all other relevant valuation factors that require consideration in the update of the value for each property.
Property valuation analysts conduct a number of studies to understand what affects the real estate market in the area. The process begins with collecting and verifying all property sales within an approximately two-year period. Sales that are not representative of fair market value are noted and excluded. Valid or "qualified" sales are analyzed and mathematical models of market activity are created. These models are then tested to verify their accuracy for establishing the values of similar unsold properties.
Another method used for establishing the fair market value of commercial, industrial, and apartment properties is called the "income capitalization approach." With this approach the income and expense stream of a property is examined from an investment point of view. The goal is to achieve a market value indication by determining what an informed investor would pay for the income stream associated with a particular piece of real estate.
In order for the revaluation to be certified by the State of Connecticut, the newly generated assessments have to meet the Office of Policy and Management's "Performance Based Revaluation Testing Standards, which incorporate a variety of statistical measures to ensure that the both the level and uniformity of the assessments determined during the revaluation process are accurate.
Step 3: Field Review: Spring 2024 To October 2024
State-certified appraisers will review the property record data and value calculation for accuracy against each property in the field. The purpose of this review is to ensure that the property record data being utilized is accurate and that the valuation models have been applied correctly and consistently.
Step 4: Value Notices & Informal Meetings - November To December 2024
Once the final analysis has been completed, a notice with the new assessed value will be mailed to each property owner in the Fall of 2024. At this time, anyone with questions concerning the results of the revaluation will have an opportunity to meet with a member of Vision's staff to discuss the new valuation of their property.
Step 5: If Necessary, Schedule A Board Of Assessment Appeal Hearing By February 20, 2025.
If property owners are not satisfied with the results of their informal meeting with Vision or if they did not schedule an informal meeting, they will be able to appeal to the Town of Monroe Board of Assessment Appeals by filing an appeal application before the February 20, 2025 deadline.
For additional information on the revaluation process you can visit Vision's Website at www.vgsi.com/taxpayer-revaluation-information.