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State Releases Land Swap Appraisals

The Tylerville land, appraisers say, is worth at least $1.4 milion.

 

 

Editor's note: Initial figures contained in this story, and provided by the state's Department of Energy and Environmental Protection, were incorrect. The figures have been changed to reflect the correct valuations contained in the appraisals.

The state has released its appraisals for the 17.4 acres in Tylerville that officials wanted to swap for land in Higganum.

The state conducted two appraisals each for both parcels. The appraisers it hired, R.P. McDermott Associates, Inc., and Miner and Silverstein, LLP found the 17.4 acres in Tylerville are worth $1,780,000 and $1,425,000, respectively.

You can view PDFs of the appraisals above.

The appraisers also determined that the 87 acres in Higganum are worth $410,000 (Miner & Silverstein) and $490,000 (McDermott).

The valuations for the river view land are dramatically higher than the assessment the town settled on the property last year, prompting some critics to question whether Haddam officials were seeking to aid the land swap by making the river view land’s value more in line with the Higganum property.

Last year the town reset the Tylerville land’s value at $300,540. The land had been valued at more than $1 million previously.

Under state law the value of the private property had to be equal to or less than the state property. If the private land is less, than the developer would have been required to offer the state more money for the Tylerville land or more land, to make the deal equitable to the state. ‘

The developer who was seeking the Tylerville land pulled out of the deal Tuesday after disagreeing with the state's valuation of the land.

John April 05, 2012 at 12:31 AM
Miner & Silverstein's says $1,425,000, not $1,725,000 have a look, page 55
John April 05, 2012 at 12:40 AM
Actually it is right in the cover letter on page 3- what's up with this?
Eileen McNamara April 05, 2012 at 12:33 PM
Hi John, the error resulted from a press release sent out last night by the DEEP, in which it said the appraisals were $1,780,000 and $1,725,000. I went with their summary of the appraisals. Sorry! I have since fixed the error.

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