Real Estate Information
Generally: Real estate is assessed at 70% of its value, as of October 1st of the year of revaluation. The assessment will remain constant until the next revaluation, unless improvements or physical changes are discovered. Zone changes or variances may have an impact on value, hence the assessment may change. It is also possible that a change will create a decrease in value.
Revaluation: Connecticut General Statutes modified the Revaluation Cycle during the June 2004 Sessions. Currently Connecticut towns must implement Revaluations every five (5) years.
The 2007 Revaluation for the City of Middletown was conducted by statistical means, and due to a legislative exception the next revaluation will be for the 2013 Grand List, and will require every property to undergo a full inspection by the Assessor, a member of the Assessor's staff or a person designated by the Assessor such as qualified revaluation personnel. "Full inspection" means to measure or verify the exterior dimensions of a building or structure and to enter and examine the interior of such building or structure in order to observe and record or verify the characteristics and conditions thereof, provided permission to enter such interior is granted by the property owner or an adult occupant.
Commercial Property: Commercial properties will be assessed in the same manner. Income is a factor in the valuation of commercial properties, and all commercial properties will be required to submit an Income and Expense Report annually. If required, the Income & Expense Report is due June 1st of any given year, failure to submit will result in a 10% statutory penalty.