Lebanon Revaluation Phases

The following is a general explanation of each phase of Lebanon's Revaluation process. There are 5 major phases to a municipal revaluation:
  1. Data Collection
  2. Market Analysis
  3. Valuation
  4. Field Review
  5. Informal Hearings
During these phases over 200 tasks will be implemented in order to successfully complete the revaluation.

Phase 1: Data Collection


The first phase, Data Collection, is an ongoing phase that never ends. During this on-going 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:
  • Age
  • Easements
  • Improvements
  • Location
  • Quality of Construction
  • Size
  • Topography
  • Utilities
  • 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 goal and objective of the Data Collection Phase 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 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 be analyzing recent sales that took place 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 3 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 phase 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market value of the improvements are added to the land value that was previously determined using the same methods. This value is the final estimate for each parcel of property, building, and land.

Phase 4: Field Review


Field review is the method of checking and re-checking the data quality of phase 1 and 2 and the values that have been determined during phase 2 and 3. During this review, properties are viewed by City appraisal staff who double check uniformity and accuracy of information.

Phase 5: Informal Hearings


Once the Field Review is complete, a Notice of New Value will be mailed to each property owner. At this time, anyone with questions concerning the revaluation process or about 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 5 phases are complete the Assessing Department begins annual maintenance and administration of the new values until the next required update.