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Revaluation Timeline
Windsor Locks 2008 Revaluation
General Information and Timeline

August 2007

 
 

The Appraisal Firm of Vision Appraisal Technology has been hired by the Town of Windsor Locks to begin a Town wide Revaluation Project. The following is a general outline and explanation of each phase of the project.

 

Vision Appraisal will be working with the Assessing Department to make the 18-month process a successful one. There are five major phases to a municipal revaluation: Data Collection, Market Analysis, Valuation, Field Review, and Informal Hearings. During these phases over 100 tasks will be implemented in order to successfully complete the revaluation.

 

PHASE 1: DATA COLLECTION

 

The first phase, Data Collection, will begin the last week of August 2007 and last for approximately 10 months. During this phase "Listers" go to each property and physically inspect the interior and exterior of each building. These Listers note the buildings location, size, age, quality of construction, improvements, topography, utilities, zoning restrictions, if any, and numerous other characteristics both inside and out. To ensure that a home was inspected, the homeowner is asked to sign the data collection form to verify that the inspection took place. The entire process takes approximately 15 minutes.

 

All Vision Representatives will carry Identification Cards and have their cars listed with both the Assessing Office and Municipal Police.

 

PHASE 2: MARKET ANALYSIS

 

A variety of resources are used to analyze the real estate market. While the physical data is being collected by Vision Listers, 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 Town.

 
 
 

PHASE 3: VALUATION

 

Valuation is done using one of the three recognized methods, Replacement Cost, Income Approach and Market Value.  Market Value is the most widely used approach, and most easily verified by recent sales in the area.

 

During this phase, individual characteristics of the building are analyzed using information gathered in both phase 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market value 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 4: FIELD REVIEW

 

Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field by experienced appraisers who double-check uniformity and accuracy of information.

 
PHASE 5: INFORMAL HEARINGS
 

Once the Field Review is completed, a Notice of New Values will be mailed to each property owner. At this time, anyone with questions concerning the revaluation process or about the data collected on their property has an opportunity to meet with a member of Vision's staff to discuss their property value.

 

After all five phases are completed all data, files, records, etc. used in the revaluation are then turned over to the Assessors Office. 

 
 
 

While Vision Appraisal Technology has been hired by the Town to assist with the Revaluation process, it should be noted that the Assessor works closely with Vision throughout the entire process, and is responsible for all end values.

 

Please be sure to check the status of the Revaluation online at www.visionappraisal.com after September 1, 2007, and feel free to contact the Assessor’s Office at 860-627-1448 with any questions regarding any phase of the revaluation.

 
 
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