Greenwich Homeowners in Conservation Zones

Read Bud Dealys Columns on Greenwich Issues and Real Estate

The basis for our appeal of the assessment for this property is the discriminatory Floor Area Ratio amendments enacted by the Greenwich Planning and Zoning Commission. 

The new Floor Area Ratio (FAR) regulations devalued properties on nonconforming lots and conservation zones.  Loss of property value due to this regulation has been recognized by the real estate community and is described in the Greenwich Post by Mr. Bud Dealy in his article as at least $150,000 per property.  This is due to the inequity in buildable floor area created.   For example my property is approximately two acres in the four acre RA4 zone.  Due to the FAR for this zone we would be allowed approximately 5800 sq. ft. of home.  In another zone in town, closer to town and where the setbacks and distances between houses are much less than in the 4 acre zone a house on the same size lot of two acres would be able to build approximately 8000 square feet.  That is a difference of 2200 square feet.  When you multiply this 2200 square feet by the $250 per square foot average, recognized by builders and real estate brokers in Greenwich, this equals a difference in value of $550,000.  In our request for tax assessment relief we requested a reduction of $100,000 due to only a portion of the loss of value being allocated to the land value.  This is due to the clear and well known fact that the value of any property is directly linked to what can be done with the property.  Further, the change in definition of how attics and basements are calculated for Floor Area purposes that was enacted in April 2002 (after the 2001 tax revaluation) my property was impacted by the additional reduction of 1,000 sq. ft. of buildable area.  This results in an additional $250,000 tax reduction that we request be added to the above numbers for a total of $350,000.  In this case the reduction of square feet of buildable area decreases the potential value to a purchaser because it may limit what they can do with the property. 

Please reference with this application past tax appeal for properties at:

86 Buckfield Lane and 60 Sumner Road.

Thank you for your consideration.