Assessor reports 85 property appeals as senior tax relief applications open

Homeowners in Greenwich are facing a significant increase in property valuations, as highlighted in the recent Board of Estimate and Taxation meeting held on February 24, 2025. The town's assessor reported that the Board of Assessment Appeals has received a total of 85 appeals, which includes 64 residential, 13 commercial, and 8 personal property appeals. This number is slightly higher than last year's total of 77 appeals, indicating ongoing concerns among property owners regarding their assessments.

The meeting also addressed the commencement of the senior property tax relief application period, which began on February 1 and runs until May 15. So far, 38 seniors have applied for assistance, reflecting the community's need for support amid rising property values.

A notable point of discussion was the recent surge in median home prices, which reached an unprecedented $4 million in January. This figure raises questions about the local real estate market's dynamics, particularly the limited inventory of homes for sale. The assessor noted that while the current market conditions are challenging, they anticipate that the upcoming spring season may bring more listings and activity.

The Board of Assessment Appeals is scheduled to begin hearings on March 4, with a requirement to complete their work by the end of the month. This timeline is crucial for homeowners seeking clarity on their property assessments and potential tax implications.

As Greenwich navigates these changes in property valuations and appeals, the community remains focused on ensuring fair assessments and providing necessary support for its residents, particularly seniors facing financial pressures from rising property taxes. The outcomes of the upcoming hearings and the spring real estate market will be pivotal in shaping the town's economic landscape in the coming year.