Reval now complete - Waterfront properties in Riverside get increased assessments

This is the first revaluation in Connecticut's most land-rich town since the housing bubble burst, a yeoman-like task of adjusting values for 22,500 properties to reflect five years of market volatility.

"This is going to be the first time in a long time that instead of seeing the mill rate dropping we're going to see the mill rate rise," said Russell Pruner, an owner and partner of Shore & Country Properties and a past president of the Greenwich Association of Realtors.

A number of residential properties saw their assessments plummet by 20 percent, according to Greenwich Assessor Ted Gwartney, who said the average decrease was 13 percent. Assessments are 70 percent of full market value.

The neighborhoods with the sharpest drop-off were Byram and Chickahominy, Gwartney said.

At the opposite end of the spectrum were waterfront properties in Riverside, which Gwartney said was the only neighborhood to experience a slight increase in assessments.