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Assessments & Revaluations

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1. What is a revaluation?

A revaluation is an update of all assessments in the municipality conducted under the direction of the local assessor. The assessor is a state-certified individual whose duties are to discover, list and value all taxable real property in the municipality, in a uniform and equitable manner. The assessor is not involved in the collection of property taxes.

2. Why is a revaluation necessary?

The state recommends that all property in a municipality be assessed within 10 percent of market value. Further the New Hampshire Constitution requires that each municipality takes value anew every 5 years. A revaluation is the most equitable way to accomplish this.

3. When will the revaluation start?

The revaluation began November 1st and we expect to complete work by August 31. The resulting values will be effective as of April 1. These assessments will be the basis for the tax bill which will be mailed in the fall.

4. Will all property values change?

Most likely, yes. However, not all property values will change at the same rate. Market value will have decreased more for some neighborhoods and property types than for others. Some neighborhoods and property types may have increased in value and others may have remained the same. One purpose of a revaluation is to make sure that the assessed values reflect the changes that have occurred in property values.

5. Who will do the revaluation?

The municipality has chosen to perform the valuation update in-house using existing appraisal staff. The staff has many years of experience in revaluation work and has performed revaluations for many other municipalities.

6. Will the person who inspects my property be able to tell me my new assessment?

No. After the inspection of your property, we have to analyze all of the information we gathered before placing a value on your property. We will then further review this information to ensure that your assessment corresponds fairly to the assessments of other properties.

7. Is it necessary that you view the inside of my property?

To make a proper assessment on a building, it is desirable that an inspector see the inside as well as the outside of the property. The law requires that property be valued from an actual view or the best information available. We do not always have current data on the physical characteristics of each property in the municipality. If we are unable to enter your property, we will estimate your assessment based the data that is available and sales of properties similar to yours.

8. What if I refuse to let assessment personnel in my property?

To ensure an accurate assessment, it is to your advantage to allow the inspector inside your property when an inspection is requested. By denying an inspection, you lose your right to appeal your assessment to the Board of Tax and Land Appeals or Superior Court.

9. You mention market value. What is it?

State law requires that your property be assessed at market value. Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to be a market value (arm's-length) sale, the seller and buyer must be unrelated and willing parties (not under pressure) to sell or buy, the property must be on the market for a reasonable length of time, the payment must be made in cash or its equivalent, and the financing must be typical for that type of property.

10. What if there hasn't been a recent arm's-length sale of my property?

The next best evidence is the arm's-length sales of reasonably comparable properties. These are properties similar to yours in location, age, style, condition, and other features that affect market value, such as the number of bathrooms and size of garage.

11. What if there are no reasonable comparable sales?

We will then consider all other factors that may affect the market value of your property. The cost to replace your building, less any depreciation, plus the value of land could also be used to estimate market value. For rental properties, the income and expenses could be considered.

12. I recently built my home. Will the actual construction costs be considered?

Your construction cost is a historical figure that may or may not reflect the current market value of your property. It is only 1 element that will be considered.

13. What will happen to my assessment if I improve my property?

Generally speaking, improvements that increase the market value of a property will increase the assessment. The following examples are typical items that may increase the assessed value of your property:
- Added rooms or garage
- Aluminum or vinyl siding
- Central air-conditioning
- Extensive remodeling
- Fireplaces
- Substantial modernization of kitchen or baths

14. Will my assessment go up if I repair my property?

Normal maintenance will help retain the market value of your property, but generally, will not affect your assessment.

15. How can my assessment change when I haven't done anything to my property?

General economic conditions such as interest rates, inflation rates, and changes in the tax laws will influence the value of real estate. As property values change in the marketplace, those changes must be reflected on the assessment roll.

16. How will my taxes change as a result of the new assessment?

Although the value of your property affects your share of taxes, the actual amount you pay is determined by the budget needs of the schools, municipality, county, sewer district, etc. All of these taxing units decide what services they will provide in the coming year and how much money they will need to provide these services. These items are then presented to the City Council, School Board and County Commissioners for approval or disapproval.

Once the decision to approve a budget is made, a tax rate is set by the state that will generate the needed dollars. Your property taxes are then determined by taking your assessment, dividing by 1000, and multiplying by the tax rate. (assessed value/1000) x tax rate = taxes.

17. Will I be notified if there is a change in my assessment?

If there is a change, the state of New Hampshire, Department of Revenue Administration, Administrative Rules require that all property owners be notified of their assessment regardless of value during a revaluation.

18. What if I don't agree with my assessment?

Schedule an appointment with a hearings officer. During this informal session you can learn how your assessment was made, what factors were considered, and what type of records we have on your property.

19. What evidence do I need to present to the Board of Tax and Land Appeals?

State law puts the burden of proof on the property owner to show that the assessment is incorrect. Keep in mind that your proof must be strong enough to prove that the assessor's value is incorrect. Only relevant testimony given at the hearing will be considered by the board. Stating that property taxes are too high is not relevant testimony.

You should establish in your mind what you think your property is worth. The best evidence of this would be a recent sale price of your property. The next best evidence of this would be recent sales prices of properties that are similar to yours. The closer in proximity and similarity, the better the evidence. Another type of evidence is oral testimony from a witness who has made a recent appraisal of your property.

20. Can I submit my mortgage bank appraisal as evidence of value?

A primary function of the Assessing Office is to determine the full and true market value of all property as defined by the State. While it is possible the bank appraisal may be reflective of full and true value, its purpose is to determine the most probable price for mortgage underwriting requirements only. Thus the opinion value, which satisfies the mortgage underwriting requirement, may be in the lower end of the overall range of value, as opposed to the State requirement of determining the highest price possible.

21. What happens after the Board of Tax and Land Appeals makes its decision?

The board will either give or mail you a notice of its decision. If you are not happy with the board's determination, the notice will contain information on how you may file for reconsideration of the board's decision.

22. What if, after this informal hearing, I still disagree with the assessment?

If any property owner believes their assessment is incorrect and wishes to file for abatement, they shall first appeal to the local assessing officials in writing, by March 1st, following the notice of tax and not afterwards. The assessing office will have the necessary form which must be completed in full.