The Town of Stonington is facing about a $600,000 drop from the town’s grand list, which is the total value of appraised property in town.
The loss is due to a town wide drop in residential and commercial property values of about 19 percent, Stonington Tax Assessor Marsha Standish told the Stonington Board of Finance Wednesday night.
Every five years, the town is required to complete a revaluation of properties. The 2012 revaluation notices were mailed on Jan. 11, 2013.
According to Standish on average residential property values were down 20 percent and commercial property values were down 17 percent. Standish said some areas such as Bishop Cove and Lords Point saw smaller drops in values.
A number of factors go into determining assessed value, including market value, purchase price and land value. The assessment value and the market value of a property are not necessarily equal.
Property owners who want to appeal their revaluations can make an appointment for an informal appeal until Jan. 25, 2013. Appointments can be made online at www.vgsi.com/schedules or by calling 1-888-844-4300.
The 2012 Stonington revaluation is available online at www.vgsi.com.