Real estate is assessed at 70% of its estimated market value, as of October 1st of the year of revaluation. The assessment will remain constant until the next revaluation, unless improvements or physical changes are discovered. To maintain consistency the assessed value for any new construction must also be based upon the same market conditions and values determined during the prior revaluation. Zone changes or variances may have an impact on value, hence the assessment may change. It is also possible that a change will result in a decrease in the assessed value.
Connecticut General Statutes modified the Revaluation Cycle during the June 2004 Sessions. Currently Connecticut towns must implement revaluations every 5 years.
The 2017 revaluation for the City of Middletown was conducted by statistical means, and the next revaluation scheduled for the October 1, 2022 Grand List, and will require every property to undergo a full inspection by the Assessor, a member of the Assessor's staff or a person designated by the Assessor such as qualified revaluation personnel. "Full inspection" means to measure or verify the exterior dimensions of a building or structure and to enter and examine the interior of such building or structure in order to observe and record or verify the characteristics and conditions thereof, provided permission to enter such interior is granted by the property owner or an adult occupant.
Commercial properties will be assessed in the same manner. Income is a factor in the valuation of commercial properties, and all commercial properties will be required to submit an Income and Expense Report annually. If required, the Income and Expense Report is due June 1st of any given year, failure to submit will result in a 10% statutory penalty.