TOWN OF NEW CANAAN PRESS RELEASE TOWN COUNCIL APPROVES FY2020 BUDGET OF $150.94 MILLION -- DECREASE OF 0.43% IS THE LOWEST IN LAST 10 YEARS FUNDS TO BE RAISED BY TAXES DECLINES 0.56% -- FIRST DECLINE IN MORE THAN 10 YEARS

The Town Council on April 4th approved a Total Expenditure Budget of $150.94 million

for fiscal year 2019-20, representing a decrease of 0.43% over the current fiscal year’s amended

budget expenditure of $151.58 million. This is the first decline in more than a decade. The

funds to be raised by taxation declined to $139.23 million from the current year’s $140.02

million, a decrease of 0.56% -- the first decline in more than 10 years.

The Town Council budget will be filed in the office of the Town Clerk and will become

effective eight days after publication unless a notice of intent to file a petition for a referendum

has been filed in the office of the Town Clerk within seven days after publication (Town Charter

Sections C4-13 and C4-14).

The Total Expenditure Budget includes Board of Education operating expenses of $91.43

(up 1.86 %) , Town department operating expenses of $39.92 million (up 0.56 %), debt service

of $16.84 million (down 9.29 %), and tax-funded capital projects of $1.73 million (down 40.32

%). To fund this budget, the amount to be raised from taxation is $139,230,687 (down 0.56%).

“We have much to be thankful for. Town leadership really came together to deliver the

tightest budget in over a decade, one which accurately reflects our priorities as a town: the #1

school system and among the lowest taxes in what most experts agree is still the best place to

live in Connecticut,” said Town Council Chairman John Engel.

The Town Council’s budget takes into account the 2018 Revaluation as of October 1,

2018 where the town’s 2018 Grand List declined 7.64% to $7.71 billion from the 2017 Grand

List of $8.34 billion. The decline in the grand list was primarily due to lower valuations of homes

valued at more than $2 million. The overall average decrease in residential property values was

7.2%. Commercial properties increased on average 10.8 %.

The reduction in the Grand List will result in an increase in the mill rate from the current

16.960 to an estimated 18.259. The final mill rate to be set by the Board of Finance on April 9.

Attached is Board of Finance FY 2019-2020 Budget Summary showing further details of

Town Department and Board of Education (BOE) year-over-year budget changes.

For further information, contact: Lunda Asmani, Budget Director, 203-594-3026.

Chairman's View: Revaluation and a Level Services Budget (Dec 20, 2018)

New Canaan’s real estate grand list fell by $570 million dollars (7.15%) compared to 2017. 4861 parcels saw average decreases of 11%.  2308 saw average increases of 13%. For $3+ million homes the average decrease was 14%. For $2-$3 million homes the average decrease was 10%. For $1-$2 million the average decrease was 7%. Below $1 million saw an average increase of 1%. Multifamily homes decreased 4%. Commercial properties increased an average of 13%. Condominiums increased 9%. 

We will not know what the new mill rate is and the new taxes are until the MuniVal consultation period is complete (this week and first week of January), then the Board of Assessment appeals process is complete (February) and then the (town and school) budget process ends with the Town Council vote April 4, 2019. 

If your revaluation is factually wrong then schedule a meeting this week for early January with MuniVal, the revaluation company and correct the facts (203-292-5500 or newcanaanreval@munival.com). If unsuccessful, then you must appeal in person to the Board of Assessment Appeals with facts about your house and comparable sales that occurred between Oct 1, 2017 and Oct 1, 2018. Appointments are given February 1 to 20 and the appeals take place in March. Sales that fall outside of that 1-year window are considered but carry less weight. 

After the 2013 revaluation the Board of Assessment Appeals increased 2 assessments and reduced 187 of the 285 appeals filed. Some homeowners appeal alone, others take a Realtor or an attorney. Some attorneys charge by the hour. Others work on contingency, taking a percentage of a successful appeal. If an appeal process is unsuccessful, the recourse is a lawsuit. Five years ago thirteen homeowners filed lawsuits against the town. Two were subsequently withdrawn. It takes 3 or 4 years to resolve a lawsuit.

Assuming health care rises 5%, town salaries rise 2.8%, school salaries 2.2% and $2.5 million comes from the general fund I expect expenses to increase 1.47% with “level services” and 1.86% if we follow BOF guidance. Therefore, the mill rate announced in May will be between 18.61 and 18.69. That’s up 10% from 16.96.  A homeowner’s revaluation would have to decrease 9% in order to see a drop in taxes.  To calculate your 2019 taxes multiply .01862 by your new valuation. (The spreadsheet is posted at johnengel.com)

Darien is revaluing now. Their assessor predicted most revaluations within 3% or 4% of their previous valuation. He expects the Darien mill rate to remain close to their current 16.08 rate. Wilton, now at 28.19, will send out revaluation letters in early January. Ridgefield’s grand list rose one half of one percent in their February 2018 revaluation, a 28.78 mill rate. Westport’s mill rate has been flat at 16.86 for 2 years and they won’t revalue until 2020. New Canaan experienced a 3% drop in the 2013 (reval) grand list but gained 1% in most years since (up $84mm, $85mm, $81mm and then $51mm in 2017). 

ASSESSOR'S OFFICE

New 2018 Proposed Assessments

Residential Sales List

Condominium Sales List

Revaluation Company contact: (203) 292-5500 or (855) 686-4825 

Website at www.munival.com/NewCanaan

2018 TOWN WIDE REVALUATION UPDATEReal Property Records Search

2017 Petition to appeal2017 GL Net Top Ten
                                                                                                                                   

Location: Town Hall - 77 Main St 1st floor New Canaan, CT 06840               

Contact: 203-594-3005    Fax Number: 203-594-3130 (Monday - Friday 8:30am - 4:30pm)