Lebanon Revaluation Phases
The following is a general explanation of each phase of Lebanon's Revaluation process. There are five major phases to a municipal revaluation:
- Data Collection
- Market Analysis
- Field Review
- Informal Hearings
Over 200 tasks will be implemented during these phases to complete the revaluation.
Phase 1: Data Collection
The first phase, Data Collection, is an ongoing phase that never ends. During this ongoing phase, staff visits properties on a cycle to inspect the interior and measure the exterior of each structure.
Staff notes the structure's numerous characteristics both inside and out, including but not limited to:
- Quality of Construction
- Zoning Restrictions
The entire process takes approximately 15 minutes. For those property owners not home during the initial visit, a door hanger is left to call and arrange an inspection. The Data Collection Phase's goal is to visit each property at least once over a five-year period. A duplicate visit could occur should the property be resold during that period or if a permit to alter the property is taken out. All City staff carry City Photo Identification Cards.
Phase 2: Market Analysis
A variety of resources are used to analyze the real estate market. While the physical data is being collected, appraisal personnel will analyze recent sales over the last few years to determine which market factors influenced property values. The Department will gather and use information from the Grafton County Registry of Deeds, property managers, developers, and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraisers will determine land values and set Neighborhood Site Indexes that help distinguish locations throughout the City.
Phase 3: Valuation
Valuation is done considering the three most recognized methods, Cost Approach, Income Approach, and Sales Approach (Market Value). The Sales Approach is the most widely used and recognized as it compares recent sales to individual properties.
During this phase, individual characteristics of the building are analyzed using information gathered in both phases 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market value of the improvements is added to the land value that was previously determined using the same methods. This value is the final estimate for each property, building, and land parcel.
Phase 4: Field Review
A field review is a method of checking and re-checking the data quality of phases 1 and 2 and the values that have been determined during phases 2 and 3. During this review, properties are viewed by City appraisal staff, who double-check the uniformity and accuracy of information.
Phase 5: Informal Hearings
Once the Field Review is complete, each property owner will be mailed a Notice of New Value. At this time, anyone with questions concerning the revaluation process or the data collected on their property has an opportunity to meet with a member of the Assessing Department to discuss their property value.
After all five phases are complete, the Assessing Department begins annual maintenance and administration of the new values until the next required update.