Franklin CT, 06254 - Established in 1786

 Revaluation

General information

The Town of Franklin has contracted with Tyler Technologies, Inc. to assist the assessor with the state-
mandated revaluation for October 1, 2013. Unlike the previous revaluation in 2008, inspections will be
limited to properties that have sold since October, 2011 and building permits issued after October 1, 2012.

The Town of Franklin is mandated by Connecticut State Statute 12-62(b) to revalue all of its real estate not
later than five years after or last revaluation. The Town of Franklin last revaluation was completed as of
October 1, 2008. Consequently our next revaluation is scheduled for October 1, 2013.

The purpose of a revaluation is to maintain equity so that each taxpayer pays only his fair share of the tax
burden. The market is continually changing and every property is not impacted equally. Fair market value
is affected by a number of factors including property type (residential, commercial, industrial), location,
individual property desirability and market supply and demand. The assessment reflects 70% of this fair
market value. Once the assessments have been determined, a notice will be mailed to you indicating the
previous assessment, which was based on a fair market value from 2008, and the new assessment, updated
to reflect changes that have occurred in the real estate market in the past five years. New assessments will
be reflected in the July, 2014 tax bills.

Revaluation Timeline

Step 1: Collect Information about Select Properties

Data collectors will visit each property in Franklin that sold between October 1, 2011 and October 1,
2013, as well as building permits issued after October 2012, to verify information such as story height,
room counts, heating system, basement type, and building dimensions. The data collector will measure the
outside of the house and any other buildings on the property and will request to inspect the interior, as well.
Furniture and personal decorations are not noted; these do not influence the value of a house. In addition,
the data collector will take one or more pictures of the buildings on the property.

If the property owner is not home and does not respond to a letter requesting an inspection, the data
collector will estimate the inside features based on similar properties in the neighborhood and existing
assessment records.

Step 2: Research Market & Costs

The goal of the revaluation project is to estimate "fair market value" for all of the residential, apartment,
and commercial properties in Franklin. Tyler will analyze local building costs, property sales, rental
income information, and other valuation factors to update values for each property.

Property valuation analysts conduct a number of studies to understand what affects the real estate market in
the area. The process begins with collecting and verifying dates and sale prices for all property sales within
an approximate two-year period. Sales that were not "arms-length" are noted and set aside. Valid sales are
analyzed and mathematical models of market activity are created. These models are then tested to establish
how effective they will be in estimating the value of similar unsold properties.

The second method used for estimating market value is called the "income approach." With this method
the income and expense stream of a property is examined from an investor’s point of view. The goal is
to achieve a market value conclusion by estimating what an informed investor would pay for the income
stream associated with a particular piece of real estate. The income approach will be applied to commercial
properties such as apartments, restaurants, shopping plazas and the like.

February, 2012 to October, 2013

April, 2012 to July, 2013

Step 4: Determine Values

State-certified appraisers will review the value calculation for each property in the field. The purpose of
this review is to ensure the property data is accurate and that the model has been applied correctly and
consistently.

August, 2013 to September, 2013

Step 5: Mail Value Notices and Schedule Informal Review Meetings

In mid-November, property owners will receive a notice of the new tentative assessed value, based on
70% of current fair market value. Property owners are encouraged to evaluate whether the assessment
appears to be reasonable. If it is, no further action is required. If it is believed that the proposed value is
not an accurate appraisal of market value, instructions will be provided with the notice on how to arrange
an informal review of the value with Tyler. These reviews give the property owner a simple and efficient
means for resolving any discrepancies.

Step 6: If Necessary, Schedule Board of Assessment Appeal Hearings

If property owners are not satisfied with the results of the informal review or if they do not schedule an
informal review, they will be able to appeal to the Board of Assessment Appeals by filing application by
February 20, 2014.

November, 2013

March, 2014

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The Woodward Museum celebrates Dr. Ashbel Woodward Day on May 18th from 10 a.m. to 4 p.m., with a Civil War encampment, exhibits on President Abraham Lincoln and Franklin’s Civil War soldiers, concessions, and tours of the historic home and medical office of Dr. Woodward. Free admission! For more information, email franklinpr@99main.com.

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Any time there is a power outage, residents and business owners should call CL+P to report electrical problems; even if a neighbor has already called, every individual should notify CL+P of their own problems so that the company can analyze the extent and location of the affected area. CL+P staffs a Customer Experience Center 24 hours per day, 7 days per week. The number is800.286.2000.

The Woodward Museum celebrates Dr. Ashbel Woodward Day on May 18^th from 10 a.m. to 4 p.m., with a Civil War encampment, exhibits on President Abraham Lincoln and Franklin’s Civil War soldiers, concessions, and tours of the historic home and medical office of Dr. Woodward. Free admission! For more information, email franklinpr@99main.com.

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The Board of Selectmen is thrilled to announce that Christine Schulz, the town’s librarian, has been named the 2013 Outstanding Librarian by the Connecticut Library Association. Chris works very hard and very enthusiastically on behalf of the Town of Franklin, and we are very lucky to have her in this role. Stop by the Calvert Library and congratulate her yourself!

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CVMA Rabies Clinic for Dogs and Cats

Lebanon Pound

(23 Goshen Hill Road, behind the Fire Safety Complex)

Saturday, May 11 th

2:00 pm to 4:00 pm - $20 cash only

All cats must be in a carrier; all dogs on leash

Clinic open to all residents of Sprague, Bozrah, Franklin, Lisbon & Lebanon
Questions? Please call the ACO at: 860-642-6379

Clinic made possible through the generosity of
Dr. Steven Zickmann, DVM Lebanon Veterinary
Hospital

Sponsored by the Regional Animal Control District