Connecticut Legal Description and Well or Unit Information
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How to fill out Legal Description And Well Or Unit Information?
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FAQ
Towns must assess property based on its present true and actual value (i.e., fair market value), which means the price the owner can obtain in any transaction that is not a forced or auction sale (CGS § 12-63). They must tax all real and personal property at 70% of its fair market value (CGS § 12-63).
Municipalities in Connecticut apply property taxes in terms of mill rates. A mill rate is equal to $1 in taxes for every $1,000 in assessed value. To calculate your tax based on your mill rate, divide your assessed value by 1,000 and multiply the result by your mill rate.
In Connecticut, an assessment is equal to 70% of the fair market value of real estate as established by the municipal Assessor. Real estate assessments are established during the town-wide revaluations, which are performed on a five year schedule.
The appraised value of your home represents the home's fair market value (what a buyer might expect to pay if you listed your house for sale on the market), while its assessed value is used to determine property taxes (which increase the larger that your assessed value becomes).
The Uniform Property Condition Disclosure Act (Connecticut General Statutes Section 20-327b) requires the seller of residential property to provide this disclosure to the prospective purchaser prior to the prospective purchaser's execution of any binder, contract to purchase, option or lease containing a purchase ...
Real Estate is valued every five year, while Motor Vehicles and Personal Property are valued annually. Regardless of the basis of the property's valuation or time when it was updated, each property must appear on the Grand List.
CT Property Condition Disclosure Exemptions The property is being transferred to a spouse, parent, grandparent, child, or sibling of the transferor without consideration of payment. The federal government, a political corporation, institution, or quasi-government agent is making the property transfer.
Consequences When Home Sellers Fail to Disclose In Connecticut, the statute of limitation for fraudulent nondisclosure is three years from the act or omission. Disclosure laws cover these major home systems and conditions: Property drainage issues. Plumbing and swage problems.
