Revaluation 2017 Overview
There are four major phases to a municipal revaluation; data collection, market analysis, valuation, and informal hearings.
- Phase One: Data Collection- The first phase, Data Collection, starts spring 2016 and will continue through September 2017. During this phase the Assessor's office will mail "data mailer" property information to current property owners. Owners will have the responsibility of reporting property feature changes (additions and/or deletions) to the Assessor's office. Assessment staff will contact the owner to verify, through scheduled inspection, physical property feature changes. All Assessors will carry Identification Cards and have their cars listed with both the Assessor’s Office and the City of Bristol Police Department.
- Phase Two: Market Analysis - A variety of resources are used to analyze the real estate market. While the sales data is being collected, appraisal personnel will be analyzing recent sales that took place over the last few years to determine which market factors influenced property values. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and set neighborhood site indexes, that rate the desirability of locations throughout the city.
- Phase Three: Valuation - Valuation is done using one or more of the three recognized methods, replacement cost, income approach and market value. Market value is the most widely used approach, and most easily explained to the taxpayer. During this phase, individual characteristics of the building are analyzed using information on the assessor’s field card. Each property is compared to other comparable sale properties with similar characteristics. Then the market values of the improvements are added to the land value that was previously determined. This value is the final estimate for each parcel of property, building, and land.
- Phase Four: Informal Meetings or Hearings - A notice of new values will be mailed to each property owner. Commercial properties will be set first with value notices mailed in August 2017. Condominium value notices will be mailed in September 2017 and single family detached value notices will be mailed in October 2017. At this time, anyone with questions concerning their property value or revaluation process or the data contained within their property record have an opportunity to meet with a member of the assessment staff to discuss their concerns and have information re-evaluated.
The Vision Appraisal Online Database contains periodically updated assessment information for all parcels in the City of Bristol. Additional information may be obtained by contacting the Assessor’s Office at (860) 584-6240.