Revaluation 2022 Overview
There are three major phases to a municipal revaluation; data collection, market analysis, valuation, and informal hearings.
- Phase One: Market Analysis- The first phase starts late summer of 2021 and will continue through September 2022. 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 Two: 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 Three: 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 approximately August 2022. Condominium value notices will be mailed approximately September 2022 and single family detached value notices will be mailed approximately October 2022. 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.