Part 2 of a 3-part series.
By Roy Balkus
First, I need to correct an error in the first part of the series. To get the approximate fair market value of your home you need to divide the assessed value by .70! Not multiply it. My Editor, an English Major no doubt, got overly zealous in making corrections, ignoring the math guy. Sorry for that.
Editor’s Note: Yeah… I reversed the numbers while editing the first draft. Thanks to modern online editing, you’ll never see my error – it was corrected. But I defer to the math guy from now on! *Bows*
This series of articles was prompted by a lot of comments on Wolcott Chats, a Facebook group. Those comments paraphrased were “my assessment went down, I am going to save money on taxes”. If you are on Facebook and not a member of Wolcott Chats, I urge you to join it.
So, the grand list for any Connecticut city or town is made up of all the taxable property which consists of three components. The first component is real property which includes single family residences, multifamily residences, condos, and commercial/industrial property. The second component is personal property, motor vehicles, trailers, campers etc. and the final component is business equipment. Business equipment is a “complete and accurate description of all personal property used in the conduct of your business”. The link below will give a far better list of what business equipment is taxed. http://wolcottct.org/pages/page_content/secondary_town-departments_assessor_personal-property_personal-property-info.aspx
An increasing grand list is a good thing, a declining grand list is a bad thing. Yes, probably, but not always. Town spending is the real issue, if spending increases by a larger percentage than the grand list does then taxes will generally go up (there are also other sources of income).