Seaport Real Estate Services Blog

Understanding Property Revaluation and Real Estate Taxes in Connecticut

The recent revaluation of real estate in Old Lyme has sparked concerns among residents about potential increases in property taxes. However, the relationship between property values and taxes is more nuanced than it may appear at first glance. Let’s break it down.

What is Property Revaluation?

Revaluation is the process by which towns adjust property assessments to reflect current market values. In Connecticut, properties are assessed at 70% of their appraised value. This means if your home is appraised at $600,000, your assessment will be $420,000.

Revaluation is done periodically to ensure fairness. Over time, real estate markets change, and some properties may appreciate faster than others. Without revaluation, some taxpayers might pay…

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Is Connecticut's Real Estate Market Headed for a Bubble? Explore Our Interactive Map to Find Out!

The real estate market in Connecticut has been on a rollercoaster ride over the past few years, with home prices soaring in some areas while others experience more modest growth. As a homeowner, buyer, or investor, understanding these trends is crucial for making informed decisions. But how do you know if your town is thriving or if it's on the brink of a bubble? At Seaport Real Estate Services, we’ve developed an interactive map that offers real-time insights into the market dynamics of every town in Connecticut. In this blog, we'll dive into how this tool can help you navigate the complexities of the current market and what it could mean for your real estate decisions.

The Power of Real-Time Data:

One of the biggest challenges in real…

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Washington County, RI Multifamily Market: Key Insights and Opportunities

The multifamily real estate market in Washington County, RI has shown a solid upward trajectory in recent years, marked by rising rents and high occupancy rates. This trend continues to benefit investors, with strong demand driving the market forward. Let's dive into the most important data points shaping the Washington County multifamily landscape.

Consistent Rent Growth

Since 2020 Q1, average rents per unit in Washington County have grown significantly, from $1,534 to $1,998 by 2024 Q4 QTD, representing an overall increase of roughly 30.2% in under five years. This equates to an annual growth rate of 5.1%, which demonstrates the region’s robust rental market.

• 2024 Outlook: The forecast indicates continued growth, with projected rents…

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New London County Multifamily Market: A Snapshot of Growth and Opportunity

The multifamily real estate market in New London County continues to show strong momentum, with consistent rent growth and high demand. Since 2020, the market has seen significant appreciation, driven by a combination of tight supply, increasing demand, and limited new construction. As we look forward, the data points to continued strength in the multifamily sector, making it a prime area of opportunity for investors and property owners alike.

Let’s dive deeper into the numbers and trends shaping this market.

Steady Rent Growth Since 2020

One of the most notable trends in New London County’s multifamily market has been the steady increase in rent prices. Back in 2020 Q1, the average rent per unit was around $1,293. Fast forward to 2024 Q4,…

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2024 Rhode Island Commercial Mill Rates by Town

Tax rates, even within a state, are not universal! In Rhode Island, commercial mill rates or tax rates differ compared to residential rates in many towns, but are the same in others. Based on the 2024 data, the average residential property tax for the 39 municipalities in Rhode Island is approximately 14.35, while the average for commercial property is about 20.37. Interestingly, 27 of the municipalities have a higher commercial rate! Why is there this discrepancy? What do some towns provide that makes the mill rate different?

A higher commercial tax rate often reflects the higher level of services available within the area. This discrepancy might also indicate the degree of reliance on property tax within the municipality. Tax rates tend to be…

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2024 RI Base Mill Rates & Municipal District Rates

Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides to its residents. A town with a lower Mill rate may not offer services such as public water and sewer, perhaps waste disposal, or a firehouse. Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in Rhode Island for 2024 is 14.43 with the highest being West Greenwich at 24.51 and the lowest being Little Compton at 4.96.

How to Calculate Rhode Island Property Taxes

The formula to calculate Rhode Island Property Taxes is (Assessed Value x Property Tax Rate)/1000= Rhode Island Property Tax. Take the…

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2024 CT Mill Rates

Connecticut's real estate taxes can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in CT for 2024 is $28.93, with the highest being Hartford at $68.95 and the lowest being Salisbury at $11. 

How to Calculate Connecticut Property Taxes

The…

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The Trail of Discovery

On a quiet morning, I stand by the window of my hotel room at the Hyatt Regency in Bethesda, observing the ever-changing skyline. Older buildings, once familiar landmarks, are being knocked down and replaced with modern structures. Yet, amidst this transformation, my gaze settles on the Capital Crescent Trail—a constant through the years, much like the enduring values that guide my life.

Years ago, I embarked on a career with a burgeoning company called Realty Information Group, which later evolved into CoStar Group. This experience wasn't just about aiding corporate growth—it was about discovering my own capabilities and potential. The bustling streets of Bethesda and the challenges of early career life served as my proving grounds. Each week, as…

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The Impending TikTok Ban and Its Broader Implications

In recent weeks, the buzz around the potential U.S. government ban on TikTok has reached a fever pitch. With nearly 170 million American users engaged on the platform, the prospect of losing such a prolific source of entertainment and connection has sparked significant public debate. However, the issues at stake extend far beyond TikTok’s vast user base, touching on critical concerns regarding national security, data privacy, and the influence of foreign powers in American digital spaces.

The Heart of the Matter:

At first glance, TikTok is a vibrant social media platform where creativity and content reign supreme. Yet, beneath the surface, the implications of its operations are vast and complex. Owned by ByteDance, a company based in China,…

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Ethical Real Estate Practices: Lessons from the MV Realty Lawsuit and the Importance of Due Diligence

In real estate, the ethical standards we uphold not only define our business practices but also cultivate the trust we establish with our clients. The recent legal challenges faced by MV Realty in Florida highlight crucial aspects of transparency and fairness in real estate transactions. This blog post explores the implications of the MV Realty lawsuit for the industry and underscores the critical role of due diligence in protecting both agents and homeowners.

The MV Realty Case: An Overview MV Realty, known for its unique homeowner benefit agreements, is embroiled in a lawsuit filed by the Florida Attorney General. The company is accused of deceptive practices by securing 40-year contracts with homeowners that require a 3% commission from any…

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