Mar 27, 2008
Property values are on the rise
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While to many, new construction is beneficial because it raises the value of their own properties, to others it’s a cause for concern when their taxes go up.
According to the recently released 2007 grand list, 74 new homes were built last year. Those 74 new homes tacked on about $430 million to the total value of residential real estate in town.
Town Tax Assessor Ted Gwartney said the grand list looks only at new construction until the town does its four-year reassessment. The last reassessment was done in 2005 and the next will be in 2009.
He said new construction accounts for an increase of 1.5% of total real estate value in town.
At a recent public hearing for senior tax relief, seniors voiced concern over the impact of new construction on their assessed property values and property taxes. Riverside resident Joe Humphrey said many town residents who have lived here for years are having a hard time paying their property taxes because values have gone up because of new construction.
The construction of oversized homes was a point of concern at many of the Plan of Conservation and Development (POCD) public meetings held from October through December last year.
Residents were concerned about the impact not only on their property values but also on the environment, as the creation of impervious surfaces increases throughout town.
At an Oct. 22 POCD meeting addressing land use, Tom Baptist, chairman of the Inland Wetlands and Watercourses Agency, said flooding in town is becoming more frequent and more intense because of larger homes and more impervious surfaces, such as concrete, brick or stone walkways and blacktop driveways.
However, others see growth and development of new homes and neighborhoods as good for resale and beneficial for all property values.
Mahendra Garg, a real estate agent in town and a Greenwich resident, told the Post in December that tearing down small houses and building new, large houses leads to positive changes in property values, which is something everyone can benefit from.
Mr. Garg and his wife, Usha, have been going through the planning and zoning process since December to subdivide their 17,171-square-foot property, tear down their current house and build two larger homes.
Town Planner Diane Fox said the Planning and Zoning Commission is not proposing any zoning regulation changes that would limit the construction of oversized homes, but the issue is something the group is looking into as the POCD is reviewed.
“It’s a difficult situation, to say the least,” she said.
© Copyright 2008 by Hersam Acorn Newspapers
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