Below are the Board-approved budgets for 2020-2021 for OVCA and OVTD along with the schedule of common charges and the mill rate, which are effective as of July 1, 2020.
The approved budgets indicate a decrease of .11% for OVCA and an increase of 1.37% for OVTD, respectively.
Fred J. Rodriguez
Executive Director – CMCA, LCAM
Please Click Here to View the 2020-21 Approved Budget
Please Click Here to View the 2020-21 Approved Common Fees
Please Click Here to View the 2020-21 Approved Mill Rate
We have received numerous inquiries from unit owners expressing concerns related to the variance between their last year’s district tax and their current year’s district tax.
This change is a result of the Town of Stratford’s property revaluation. Whenever property revaluations occur, the unit owners’ percentage of ownership is reallocated based on the assessed value of their properties, in relation to the total assessed values of the Village. The result of the revaluation is that the unit owners’ shares of the total tax budget change accordingly.
In explaining the calculation of the quarterly Tax District payments among the various unit owners, one should note the following:
The 2020-2021 budget, as passed, is $1,901,993.00. This represents a 1.37% increase of $25,797 versus the 2019-2020 budget of $1,876,196.
The latest revaluation for 2020-2021 resulted in an assessed value of $140,133,910 as compared to the previous period where Oronoque’s assessed value was $144,835,530.
To better understand your tax calculation, it is advised to take your assessed value of each year and divide it into Oronoque’s total assessed value for that year; multiply that percentage by the total budget of that year to get your annual tax liability.
EXAMPLE: RESIDENCE ASSESSED VALUE
OF $109,130.00 – UNCHANGED
2019-2020 – $109,130 divided by $144,835,530 x $1,876,196 results in an annual tax liability of $1,414.65.
2020-2021 – $109,130 divided by $140,133,910 x $1,901,993 results in an annual tax liability of $1,481.65.
This example illustrates that the annual tax liability for this unit owner increased $67 or 4.7%, not 1.37%, although the owner’s assessed value remained unchanged. Invariably following a revaluation by the Town, the unit owner’s percentage of ownership increased while other unit owner’s percentage of ownership may have decreased.
If you need to research assessed values, you can do so at Vision Appraisals of Stratford (http://gis.vgsi.com/stratfordct/). Search by unit number and street name. The system does not recognize unit letters, so leave that off.
We hope that this helps in the clarification of the process.
F
