23 Dublin Hill Drive (off Stanwich), dropped $805,000 yesterday, from its September price of $4.8 million to $3.995. Not a surprising development — that’s what happens when a house won’t sell — but a reader’s comment yesterday about our Grand List prompted me to see where this is carried on our tax roll. Turns out, the town’s got it appraised at $5,125,600. Assuming, say, that the final sale price of this property is $3.7, and it could be more, could be less, that’s a hypothetical loss to our tax base of $1.4ish.
There are a lot of houses selling these days for less than their appraised values, in contrast to previous years, when they often sold for far more. The Grand List determines our tax rate, because the budget is derived, then apportioned among taxpayers on the basis of their home’s worth. The budget is fixed, so if the pie from which it’s paid for shrinks, each slice is going to have to be bigger.
I should, but don’t, know when our next reevaluation is scheduled: 2020? Soon, though, we’re going to see some interesting adjustments.