WILTON – If current town property values continue to be much lower than what properties are currently selling for, the entire town may need a revaluation soon, Assessor Rob Stevens told selectmen Tuesday. Stevens said low interest rates are driving the cost of homes up as more people move to purchase homes.

Stevens explained that each year a ratio study is done to determine how the town valuation of properties compares to what they are being sold for. Three years ago the town of Wilton’s ratio was at 98. In 2002, the ratio was 89, and in 2003, it was 83. If the ratio reaches the 70s, the state will require a revaluation of the town. If this is not done by the town, the state can do it itself and charge the town, Stevens said.

Stevens recommended that officials wait until next year to see how the ratios are and then determine what action they will take. He said a valuation of the entire town could cost nearly $100,000 and should be completely done in a one-year period.

It has been about six years since a valuation was done on all properties in town. The expense doesn’t permit towns to do this each year to keep up with any changes in sale costs. Stevens suggested that the town begin to set aside some money for that purpose. He did point out that it is impossible to tell how the ratios will come out as changes could happen at any time.

Town Manager Peter Nielsen said the board needs to be aware of the current trends so they are not caught by surprise if it continues. Stevens stressed that the ratios are only an average of all homes in town. “This does not mean every house will go up 20 percent,” he said.

Nielsen told officials he wants to try to bring forward a slightly lower municipal budget this year with a somewhat lower mill rate as a result. Taxpayers have seen increases in the municipal budget for some time.

Nielsen told officials that the message he has been getting since he became town manager about a year ago is that townspeople want to see their property taxes lowered. “The only way to do that is to spend less or collect more,” Nielsen said. He plans to ask department heads to make some cuts in their budgets for next year. Selectmen agreed.

Resident Dennis Landry suggested that department heads be asked to show what services would be decreased with any budget cuts. Nielsen agreed to ask them to do this where they can. Selectmen’s Chairman Rodney Hall pointed out that there are town’s with higher taxes and those that have lower taxes collect in another way.

Hall used the town of Farmington as an example. It has a lower mill rate, but asks townspeople to pay to take waste to the transfer station, Hall said. Even if the mill rate is lowered however, if current trends continue and a revaluation is necessary, it could mean a big rise in taxes for some homeowners.

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