Greenwich has released its new real estate tax assessments, the result of the Town’s most recent five-year revaluation. For many homeowners, the updated numbers feel surprising—and in some cases, overstated. Because the window to appeal is short, now is the time to understand how assessments work, how they relate to your tax bill, and what options are available if your valuation does not reflect reality.

Under Connecticut law, Greenwich conducts a town-wide revaluation once every five years to estimate the fair market value of all properties as of a specific valuation date. These values are determined using mass-appraisal techniques that rely on recent sales data, neighborhood trends, and property records maintained by the Assessor’s Office. Importantly, assessments are not adjusted every time a permit is pulled. While renovations and improvements are noted, significant value changes are generally captured during the next revaluation cycle rather than immediately.

A key point of confusion is the difference between market value and assessed value. In Connecticut, property taxes are not based on 100% of market value. Instead, municipalities assess property at 70% of fair market value, and taxes are calculated on that reduced figure.

For example, a home with an estimated market value of $2,000,000 will typically have an assessed value of $1,400,000. The mill rate is then applied to that assessed value to determine the tax bill. While this system applies uniformly, it does not eliminate the need to appeal if the underlying market value estimate is too high.

A mill rate is the amount of property tax you pay for every $1,000 of your home’s assessed value. In Greenwich, homes are assessed at 70% of market value, and your annual tax bill is calculated by multiplying that assessed value by the town’s mill rate and dividing by 1,000. The mill rate itself is set each year by the town based on its budget needs, after accounting for other sources of revenue.

Homeowners may challenge an assessment for several legitimate reasons. Common issues include incorrect property data (such as square footage, condition, or lot characteristics), assessments that exceed what the property would realistically sell for, or valuations that fail to account for functional or location-based drawbacks. Appeals are most effective when supported by objective evidence, particularly recent sales of similar properties.

The formal appeal period for the 2025 Grand List runs from February 1 through February 20, 2026, and appeals must be received by 5:00 PM on February 20. Late submissions are not accepted.

To file an appeal, homeowners must complete the Town’s official Real Property Appeal Form and submit it directly to the Board of Assessment Appeals, not the Assessor’s Office. The form requires basic property information, a statement of the owner’s opinion of fair market value, and a brief explanation of the basis for the appeal. Filing instructions and the required form are available on the Town’s website:
https://www.greenwichct.gov/672/Board-of-Assessment-Appeals

Although supporting documentation is not required at the time of filing, it is strongly recommended. Helpful materials may include recent comparable sales, an independent appraisal, photographs showing condition issues, or contractor estimates documenting deferred maintenance.

After an appeal is filed, the Board of Assessment Appeals will schedule a hearing, typically held in March. Property owners—or their authorized representatives—will be notified by mail of the date and time. Hearings are generally brief and focused on the evidence presented, and decisions are issued after the Board completes its review.

A successful appeal can reduce your assessed value and lower your property taxes, with savings that continue until the next revaluation. However, appeals are most effective when grounded in data rather than dissatisfaction alone. For higher-value or more complex properties, professional guidance can be especially helpful in determining whether an appeal is warranted and how to present it effectively.

If you have questions about how your assessment compares to recent market activity, or whether an appeal makes sense in your specific case, I’m always happy to help you evaluate your options.