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Reevaluation Results in Lower Assessments for Most Homeowners

December 23, 2015 Local Government, Real Estate No Comments

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Interspersed between holiday cards and bills, residents recently got their new property assessments that, for the most part, showed the value of their homes has dropped in the last five years.

The value of condominiums dropped the most, but single and multi-family homes also saw a decrease in values, while business and commercial property rose a bit in value, according to the preliminary figures released. Residential properties went down 7.93 percent, while condominiums dropped 22.94 percent, according to Mayor Curt Balzano Leng. At the same time, commercial property values increased between 7 and 9 percent, he said.

“We are just starting to get the very detailed [commercial] review in and that is resulting in a positive for the town,” Leng said.

Read more in the New Haven Register.

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