2025

Revaluation Update

November 19, 2025

Dear Fairfield Residents,

Every five years, the Town conducts a property revaluation to ensure that all real estate is assessed at its fair market value. As we complete the 2025 revaluation and look to its impact on our Town residents and property owners, the results will be reflected in the upcoming Grand List.

The Grand List is the total of all the Town's taxable property and is the foundation for how local taxes are determined. It includes:

• Real Estate: land and buildings
• Motor Vehicles: cars, trucks and motorcycles
• Personal Property: business equipment and other taxable assets.

Once the Grand List total and next year's budget are complete, the Board of Finance sets the mill rate. The mill rate--the amount of tax paid on each $1,000 of assessed property value--is then used to calculate individual tax bills.

For example, if the mill rate is 20, a property assessed at $700,000 would have a tax bill of $14,000 ($700,000 divided by 1,000 x 20 = $14,000.)

It's important to remember that a change in your property assessment does not automatically mean that your taxes will increase or decrease by the same percentage. The overall effect on your tax bill depends on how your new assessment compares to changes in other properties and on the Town's approved budget for next year.

Values are still being refined through adjustments to our pricing model, but we anticipate releasing individual property assessments in December or January.

What You Need to Know

1. Residential properties have increased in value by about 62%.
2. Commercial properties have increased in value by about 17%.
3. These percentages are estimates--they are not final and will change.
4. We will continue to publish new figures as we work toward finalizing the revaluation.
5. This trend aligns with what many of us have seen in our own neighborhoods and with other communities' recent revaluations: steady increases in home values since the spring of 2020.
6. Once notices have been sent, you will have the opportunity to schedule a meeting with a member of the revaluation team and discuss any concerns with your new assessment.

Overall Impact on the Grand List

1. The total Grand List (residential and commercial properties, motor vehicles and business personal property) will likely increase by more than 50%.
2. Final numbers for motor vehicles and business personal property will not be available until the end of January, once processing is complete.
3. If the Grand List increases by 50%, the mill rate will decrease proportionally. Any reduction in the mill rate will be partially offset by increases in the Town budget.

What This Means for You

1. Residential Property Taxes: Most homeowners will see an increase in taxes due to residential property values rising faster than commercial property values. When one category of property (residential) increases in value more than another category (commercial), it makes up a larger percentage of the Grand List. At this time, it looks like residential will increase from 78% of the Grand List to 84% of the Grand List.
2. This is known as a "shift," reflecting that homeowners will carry a slightly larger share of the total taxes.
3. Vehicle Taxes: Most vehicle taxes will decrease. Assuming your vehicle is not more than 15 years old, it will depreciate an additional 5%, benefiting further from a lower mill rate.
4. Historical reference: Home values also realized a large increase in the last revaluation in 2020. At that time, however, commercial properties kept pace with residential properties. In this revaluation, residential property values have increased at a faster pace than commercial properties.

What Happens Next

We will continue to provide updates as we finalize individual assessments and complete the processing of all property types. Our goal is to ensure transparency and clarity for every resident as we move forward. If you have questions about your new assessment or the revaluation process, please contact the Assessor's Office here.

Please visit the Revaluation Website page for important information and timely updates.

Ross Murray

Town of Fairfield Tax Assessor