Old Lyme Reassessment
The Town of Old Lyme is nearing the completion of its state-mandated reassessment program.
The program will bring assessments up to 70% of market value as of October 1, 2004.
The Assessor and the Town's consultant, Vision Appraisal, mailed assessment notices to every property owner in late November. The notice informed taxpayers of their old assessment, the proposed new assessment, and a telephone number to call if they wish to review the proposed assessment with Vision Appraisal appraiser.
Hearings will take place in Old Lyme. Additional information on each property will be available through the Vision Appraisal website.
Following the review of over 200 sales from October 1, 2003 through October 1, 2004, all residential property assessments have increased. Increases in assessment do not necessarily mean an increase in taxes. The Board of Finance will establish a new mill rate when budgets for the next fiscal year have been approved in the spring.
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