Residential property values in Fairfield have increased by about 65% since the last valuation, now hundreds of residents are formally appealing their assessments, according to Ross Murray, the Town Tax Assessor.
However, Murray says what Fairfield is experiencing is not unique.
“This is not unexpected, because we have been seeing this in towns across the state the last couple of years, so our increases are pretty much in line with what other towns have seen,” Murray said.
Homeowners are concerned that the increased property value may lead to increased property taxes, according to Democratic State Rep. Cristin McCarthy Vahey, who represents Fairfield and Bridgeport.
“Anecdotally, what I'm hearing is, this is more appeals than have happened in decades,” McCarthy Vahey said. “Members of the Board of Assessment Appeals are busier than they've ever been because more community members are reaching out to ask them for reconsideration.”
One of the causes for the increase in property values is the demand for more homes to go up for sale, McCarthy Vahey said.
“We're really seeing that the constraints on supply does have an impact on housing values, and that's one of the reasons why markets in Fairfield County in particular, Fairfield being one of those really desirable markets, because Fairfield is such a strong and vibrant community,” McCarthy Vahey said.
The way to address the rise in property values is to add more housing stock to the state, particularly in Fairfield County, McCarthy Vahey said.
The rise in property values doesn’t automatically mean there’ll be a rise in property taxes, according to Democratic State Rep. Sarah Keitt, who represents Fairfield and Trumbull.
“No one is ever happy with revals. Either your property goes up and you're worried about paying more taxes, or your property value goes down and you are worried about losing equity in your home,” Keitt said. “But because of the national housing crisis, we're seeing property values skyrocket across the country.”
The recently approved budget should lead to smaller tax increases than anticipated, Keitt said.
“Yes, it's going to raise taxes, but not nearly by the amount that people think they're going to go up,” Keitt said. “Property owners could see an increase in property taxes of 8% but that's way below what their revaluations may have indicated. So we're trying our best. We do have to really assess affordability.”
