Budget Hearing March 29th FINAL1

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2012-2013 Fiscal Budget Presentation Presentation Components ã The Re-valuation Process ã What is the Mill Rate? ã How do we maintain the level of service that we currently have? ã Initiatives in the new budget The Re-valuation Process ã Re-valuations occur every 5 years per Connecticut State Statute ã Re-valuation is a self leveling instrument designed to bring property values in line with current market conditions ã 2011 was a re-valuation year for the Town of Seymour ã Last re-valuati
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  2012-2013Fiscal Budget Presentation  Presentation Components ã The Re-valuation Process ã What is the Mill Rate? ã How do we maintain the level of service that wecurrently have? ã Initiatives in the new budget   The Re-valuation Process ã Re-valuations occur every 5 years per Connecticut State Statute ã Re-valuation is a self leveling instrument designed to bringproperty values in line with current market conditions ã 2011 was a re-valuation year for the Town of Seymour ã Last re-valuation was 2005 (extension in 2010) ã Vision Appraisal was hired to conduct re-valuations ã Most residential property appraisals decreased  ã The Assessor compiles an annual Grand List ã The Grand List is the aggregate valuation of taxableproperty within a given town. Gross numbers not reflecting exemptions Grand List Item 2010 2011  Residential $ 1,108,479,570.00 $ 931,066,900.00 Commercial/Industrial $ 228,419,710.00 $ 203,288,540.00 Personal Property $ 60,652,900.00 $ 59,224,550.00 Motor Vehicle $ 104,045,450.00 $ 108,227,550.00 $ 1,501,597,630.00 $ 1,301,807,540.00
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