Connecticut municipalities are required to revalue all real estate at least once every five years for local ad valorem tax purposes. Typically, it makes more sense to challenge a property assessment at the beginning rather than toward the end of the cycle to obtain the maximum benefit. However, when the owner of a major office building in one of Connecticut's largest cities contacted Pullman & Comley’s property valuation attorneys to discuss an assessment appeal, we decided to protest the assessment even though it was four years old and a city-wide revaluation would be implemented on the next assessment date.
The decision proved to be the correct approach. As a result of negotiating a valuation reduction with the municipality at a court-ordered pretrial settlement conference, our client received a tax refund of almost $800,000 for the solitary year involved in the appeal.