Westport assessments in the mail; values decline more than 10%
Published 1:34 pm, Tuesday, December 28, 2010
Westport homeowners should expect to receive their assessment notices this week for the 2010 property revaluation, after the town sent them out last Thursday.
The property revaluation -- last conducted in 2005 -- is a survey done every five years that assesses the fair market value of all properties in town. Assessments equate to 70 percent of the estimated market value of a property at the time of revaluation.
Assessor Paul Friia said the average value of Westport residential properties would likely fall about 13 percent from their 2005 values, while commercial properties would probably see a 14 percent decrease. The lower assessments are a reflection of the general national trend of declining property values caused by the recession.
Friia added the town's lower real estate values would "likely have an upward effect" on the tax rate, currently 14.85 mills, an amount imposed on every $1,000 of a property's assessed value. The town's new mill rate will be set by the Board of Finance and the Representative Town Meeting next spring, based on the amount of taxes needed to finance the town's 2011-12 budget.