Marcus owns a home in New Haven, Connecticut. After receiving his property tax bill, he believes his property has been overassessed. Which Connecticut body should Marcus first contact to formally challenge his assessed value?
Correct Answer
C) Municipal Board of Assessment Appeals
Under CGS § 12-111, a property owner who believes their property is overassessed must first appeal to the municipal Board of Assessment Appeals (BAA). The BAA is the initial administrative body for property tax assessment challenges in Connecticut. The owner must file within a specific window after the assessment list is published.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
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Previous Question
A homeowner in Hartford, Connecticut receives her annual property tax bill. The assessor has determined the fair market value of her home to be $320,000. Using Connecticut's standard assessment ratio, what is the assessed value of her property?
Next Question
A residential property in Stamford, Connecticut has a fair market value of $480,000. The town's mill rate is 15 mills. Using Connecticut's standard 70% assessment ratio, what is the annual property tax owed on this property?