The Town of Glastonbury Assessor has completed the October 2022 state mandated revaluation. 

You may access all Glastonbury property records online at the VGSI website here:  www.vgsi.com 

Revaluation Overview

Under Connecticut law, the assessment of each parcel of real property represents 70% of its fair market value as of the date of a revaluation. Unless there is physical change to a property (e.g., improvement, change, renovation, or demolition) its assessment remains unchanged until the next revaluation, when the property’s fair market value is determined again.

The State of Connecticut has long required towns to revalue all real estate on a periodic basis. Under existing law, Connecticut requires that each municipality implement a revaluation every 5 years. In accordance with this law, the Town of Glastonbury revalued all property for the 2022 Grand List.

A revaluation determines the current fair market value of all real estate in town, both commercial and residential. It equalizes the values of all properties for the purpose of a fair distribution of the tax burden. 

The major phases of a municipal revaluation are typically performed in the following order:

• Data and Photo Collection, which involves physical inspections of properties.
• Market Analysis, which involves analyzing market sales occurring in the previous two years.
• Valuation, pertaining to the results and conclusions of sales data.
• Field Review, which involves revaluation company personnel driving through Glastonbury and reviewing all properties to update the Assessor’s database.
• Informal Hearings, which are an opportunity for owners to discuss value and property information with revaluation company personnel.

A detailed explanation of the revaluation process, as well as answers to frequently asked questions, may be found on the Vision Government Solutions website at www.vgsi.com

Black’s Law Dictionary (Fifth Edition) defines fair market value as:

“The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. By fair market value is meant the price in cash, or its equivalent, that the property would have brought at the time of taking, considering its highest and most profitable use, if then offered for sale in the open market, in competition with other similar properties at or near the location of the property taken, with reasonable time allowed to find a purchaser.”

Demand for property and the available supply are arguably the primary factors influencing the real estate market. Reaction to supply and demand considerations and to other economic, social and legal factors determines the prices that people pay for real estate.

Potential purchasers of different types of real property (e.g., residential, commercial or industrial) react to different market influences. For example, the reputation of a local school system could play a more important part in determining the choice of a community in which a family with young children chooses to reside than it would for a manufacturer, to whom the availability of skilled labor and access to transportation may be more important.

As a result, changes in the fair market values of real estate of different property classes do not occur at the same rate and inequities in assessment levels develop over time. Additionally, fair market values of real estate in the same property class may change at a different rate than other property in that class (e.g., residential waterfront property and residential property not located on the waterfront).

A revaluation eliminates these inequities in assessment levels and equalizes the tax burden among property owners.

Copied from the State of Connecticut Report regarding Revaluation Policies and Procedures dated December 27, 2004

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