Sherman Tax Prepayment Rules
Due to the proposed changes in the federal tax bill, the following tax payments can be legally accepted in advance (before January 1, 2018) so they can be deducted under current IRS rules:
-2016 Grand List, Fiscal Year 2017 2nd installment Real Estate taxes due 1/1/2018
-2016 Grand List, Fiscal Year 2017 2nd installment Personal Property taxes due 1/1/2018
-2016 Grand List, Fiscal Year 2017 Supplemental Motor Vehicle taxes due 1/1/2018
These bills specifically say Real Estate Tax Bill 2017, Personal Property Tax Bill 2017, Motor Vehicle Tax Bill 2017 at the top portion of the bill, the taxpayer’s copy.
The Fiscal Year 2017 Supplemental Motor Vehicle tax bills were mailed, and became available to pay online December 15, 2017. Supplemental Motor Vehicle tax bills are pro-rated bills for vehicles registered between the dates of October 2, 2016 and July 31, 2017.
Payments can be made in person at the Sherman Tax Collector’s Office until Friday December 29th by 4:00pm. Payments by mail must be postmarked by the US Postal Service on or before December 31st in order to be processed as a December payment. Payments may also be made through the payment portal on the Sherman website (www.townofshermanct.org) until 11:59pm December 31st, 2017. There is a convenience fee to pay by this method.
If your real estate taxes are escrowed, please contact your bank about your options.
Sherman 2018 Revaluation Project
The Town of Sherman has contracted with Ryan and Associates of Newbury, MA. To assist the Assessor with its state mandated revaluation for October 1, 2018.
Assessments are required by State law to be 70% of October 1, 2018 market values.
October 1, 2018 revaluation assessments will affect the July 1, 2019 to June 30, 2020 fiscal year.
What is a Revaluation?
A revaluation is the process of performing a mass appraisal of all real property within the assessment jurisdiction. The purpose of a revaluation is not to raise revenue but to have all property assessments reflect 70% of market value as of 1 point in time (10-1-18). To bring all property assessments back to the same starting point (same percentage of assessment for each properties market value) as of the reassessment date.
Field Inspections during the Revaluation:
The 2018 Revaluation will require a physical inspection of both the interior and exterior of each property.
Starting mid September representatives of Ryan and Associates will begin field inspections. Postcards will be mailed to each area before the company representatives visit, letting the homeowner know when the company representatives will be in the area. Should a homeowner have questions about a field inspector, the Selectman’s Office and the Resident State Trooper has photo id’s, names and vehicle types of the person or persons that will be in the field.
Towards the end of the revaluation, every property owner receives a notice of their proposed valuation. If they have a question or concern about the proposed valuation, they are asked to call the Assessors office or Revaluation Company to set a date and time for an informal hearing. This appointment is meant to allow a brief discussion about the valuation process, review specifics of the property in question and to answer general questions the owner may have. Most hearings last about 10-15 minutes. Homeowners are asked to come prepared with their questions and have compared their property to other comparable ones in their neighborhood. They are also encouraged to provide the hearing officer with copies of any documentation they may have regarding specific issues with their proposed assessments. An informal hearing is meant to answer general questions on the proposed property assessments. The hearing officer will take notes during your meeting to document the information you have discussed. They will later determine if further review of your property assessment is necessary, based on these notes. The proposed values are not final until all hearings and any data or value changes resulting from the hearings are completed and the Assessor signs the grand list.
Will All Property Values Change?
More than likely all assessments for real property will change. However, not all property values will change at the same rate. The market value may have changed more for some neighborhoods and property types than for others. Some neighborhoods and property types may have decreased in value, others may have remained the same, and some may have increased since the last revaluation of 2013. The purpose of a revaluation is to make sure that the assessed values reflect the changes that have occurred in the real estate market as of the Assessment date of October 1, 2018.
What is Market Value?
Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to be a market value (arms-length) sale, the seller and buyer must be unrelated, the buyer must be willing (but not under pressure) to buy, the property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property. Buyer and seller must not be under any duress.
What Sales Did You Compare to My Home to Arrive at my Value?
When dealing with a revaluation or mass appraisal the process is not the same as a fee appraisal or CMA (comparable market analysis). Most homeowners have had a fee appraisal or CMA of their property before and are familiar with the process involved and the resulting report. The assumption is made that the revaluation company uses the same process. Although the appraisal concepts are the same and the results similar, the process is different. All approaches are attempting to estimate market value as of a point in time. We do not perform a fee appraisal or comparable market analysis. We are required to perform a mass appraisal by law.
When performing a revaluation or mass appraisal, the value of your property is based on an analysis of the sales within your market area for a specific period of time (usually a 12 to 18 month period). The study of recent property sales allow the appraisers to establish valuating parameters (construction rate, land rates, market adjustments, etc.) Once these valuating parameters are applied to the properties that sold, the result is an appraised value that should be within an acceptable range of market sales by statute.
The revaluation appraisers test the newly developed parameters then apply these same valuation parameters to all of the “non-sale” properties in the town. In doing so, they are approximating the market value of each property using the information derived from all of the sales. Therefore, no particular sale or group of sales was used to determine the value of your property. This is because ALL of the recent sales were included in the analysis that set the parameters used in the revaluation for Sherman.
How Can My Assessment Change When I Haven’t done Anything To My Property?
General economic conditions such as interest rates, inflation rates, supply and demand for houses and general changes in the tax laws will influence the value of real estate in addition to other factors. As property values change in the market place (sales), those changes will eventually be reflected in the assessment at the time of a revaluation.
Do All Assessments Change At the Same Rate?
In a revaluation, assessments do not change at the same rate or percentage. However all assessments by statute during a revaluation must be 70% of market value as of our appraisal date of October 1, 2018. There are differences between individual properties and between neighborhoods. In one area the sales may indicate an increase in value in a given year. In another neighborhood there may be a lesser change in property values or decrease in value form the last revaluation.
Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be more in demand that two-story houses or vice versa. Older homes in the same area may be rising in value more slowly than newer homes.
Among the numerous factors to be considered that will cause values to differ are location, condition, size, quality, number of baths, basement finishes, garages and many others.
If you have any other questions please feel free to contact the assessor’s Office at 860-355-0376 or by email at email@example.com
Draft of Sherman Lake Noise Ordinance
Please CLICK HERE to view/download the DRAFT proposal for a new Noise Ordinance for the Town of Sherman.
TAXES! TAXES! TAXES!
NOTICE TO SHERMAN TAXPAYERS
Notice is hereby given to the taxpayers of the Town of Sherman, CT that the second installment of Real Estate and Personal Property; as well as Supplemental Motor Vehicle taxes on the Grand List of October 1, 2016 becomes due and payable January 1, 2018. If payment is not made on or before February 1, 2018 interest will be charged at a rate of 1.5% per month from the original due date, with a minimum interest charge of $2.00.
Payments must be postmarked by the United States Postal Service on or before February 1, 2018 to be considered timely. Any payment received after February 1, 2018 lacking a postmark, or having a postmark after February1, 2018 will be considered delinquent.
Municipal taxes are the responsibility of the taxpayer. §12-130 - Failure to send or receive a tax bill does not relieve the taxpayer from his/her liability for the payment of taxes or delinquent charges.
Mail: Tax Collector’s Office, P.O. Box 39, Sherman, CT 06784. If a receipt is needed, mail in your entire bill to be receipted with your payment along with a self-addressed stamped envelope. Again, payment must be postmarked on or before February 1, 2018 to be considered timely.
Office: Hours are Tuesday thru Friday 9a-12p & 1p-4p. Only thepayment counter will be open on Saturday’s in January of 2018 from 9a-12p. Any questions about assessment values or adjustments need to be directed to the Tax Assessor’s office Tuesday – Friday.
Online: Payments may be made with a credit/debit card or by transferring funds online at the Town’s website, click on View/Pay Taxes under Resources or on the Tax Collector’s page. Fees apply. Credit/Debit cards are not accepted in the office, or over the phone.
Tabitha Fazzone, CCMC
Sherman Tax Collector
Condensed Legal Notice will run in the Town Tribune on: