What is a revaluation?
A Revaluation is the process of conducting the Data Collection and Market Analysis necessary to equalize the values of all properties within a municipality for the purpose of a fair distribution of the tax burden.
Why is a Revaluation needed?
For the last several years, cities and towns of New Hampshire have continued to grow. Since an increase in population, translates into an increase in the demand for housing and other municipal paid services such as, schools, police, fire, waste disposal and snow removal it is essential that property values be kept correct. The State of New Hampshire requires that cities and towns perform a Revaluation so that all properties can be brought to current market value and contribute an equitable portion of the total tax burden.
What is market value and who determines my property value?
Market Value is determined by people, by the activity in the Real Estate Market and the general economy. The value of your property is based on an analysis of the entire market for the full two calendar years before the completion of the Revaluation Project. The market can generally be defined as, you, the person who sold the property to you and the person willing to buy it from you.
It is the Appraisers job to research and analyze the values in any particular area or neighborhood. In effect, he does what you would do to determine the selling price when putting your property up for sale. Only the appraiser has specific guidelines to follow. Factors that are examined for each property are : location, size, quality of construction, age of improvements, topography, utilities, zoning, restrictions, if any, etc.
What happens during a Revaluation?
A physical inspection of both the interior and exterior of each property is conducted, where building dimensions and characteristics are noted. This is the Data Collection phase of the project. Each Data Collector carries identification and their vehicles are registered with the Police Department.
While the Data Collection phase is going on, Appraisers are studying the sales and determining where the actual increases and decreases in value are occurring. This study of recent property sales allows comparison to be made and Appraisers then review this collected data and apply the determining factors of the sales analysis to come up with a value of each property.
Each property owner received an individual notice of the assessment. Property owners can also review the entire public assessed values, so that the property owner can see what the values are around his/her property. All property owners are given the opportunity to discuss their values with the Appraisal Staff at an appointed time which will be publicly announced towards the end of the Revaluation. At that time, the property owner can voice concerns, discuss inaccuracies or discrepancies with a qualified Appraiser who will review the property record card and explain the value. Should a re-collection or re-valuation need to be done the Appraiser will make that determination, and any changes that result will be sent to the property owner.
Will a Revaluation increase taxes?
Although a Revaluation may result in an increase of nearly each individual assessment, it does not mean that all property taxes will increase. You may be saying, "SURE" but remember assessments are only the base that is used to determine the Tax Burden. The Tax Burden is the amount that the Municipality must raise to operate the local government and support the many services each of us has come to expect, such as school, police, etc. If the same amount of money is to be raised after the Revaluation as the previous year and each assessment doubles, the tax rate would merely be cut in half.
How will I know if my assessment is equitable?
There are two very good methods of determining this. First, compare your property to similar properties that sold in the previous year. Your value should be in line with these sale prices. Second, if no recent sales are available, compare your assessment to other similar properties in your area. Your value should be comparable, but seldom will be exactly the same as what seems to be a similar property.
Why did my land increase so much?
Since the last Revaluation, Real Estate Values have changed significantly. Over the same period, building construction costs have increased at a much slower rate. Since building costs have not increased as much as total values, the bulk of the total increase is attributable to land. This makes perfect economic sense as it is land that is in limited supply.
What qualifications do the appraisers have?
Each person employed on this project must be approved by the Department of Revenue Administration. The level of approval is dependent on the amount of education and experience pertinent to the job. Employees of the revaluation company must be certified as either a monitor, supervisor, appraiser, measurer or trainee.
What is an informal hearing?
Towards the end of the Revaluation, every homeowner receives a notice of their proposed valuation based on the analysis performed. These values are not final, only after the hearings will values be final. When a homeowner has a question or concern about the proposed valuation, they are asked to call the firm and a date and time to meet will be set to discuss the valuation process and answer any questions the homeowner may have. An informal hearing is not a forum to discuss taxes, it is strictly meant to answer questions of the property valuations. Homeowners should come prepared with questions and have compared their property to other comparable ones in their neighborhood. A determination will be made as to whether a review of the property is necessary. All changes to value that occur to a hearing will be
reflected in the change notice that is sent after the hearings are complete.
If I disagree with my assessment after a hearing, what are my options?
If any property owner believes their assessment is unfair and wishes to appeal for abatement, they shall be first appeal to the assessing officials in writing, within sixty (60) days of the notice of the tax bill (RSA 76:16). Forms for this purpose may be obtained in the Assessing Office. If dissatisfied with the decision of the local assessing authority, or the taxpayer does not receive a decision, the taxpayer may exercise one of the following options:
1. The taxpayer may appeal to the Board of Tax and Land Appeals, 107 Pleasant Street, Concord, New Hampshire 03301 in writing within six (6) months of the notice of the tax bill, with a payment of an application fee as set by the Board (RSA 76:16-a).
2. The taxpayer may appeal by petition to the Superior Court in the county in which the property is located in writing, within six (6) months of the notice of the tax bill (RSA 76:17).
NOTE: An appeal to the State Board of Tax and Land Appeals shall be deemed a waiver of any right to petition to the Superior Court (RSA 71-B:11).
There is an interest rate of 12% per annum which will be charged on all property taxes not paid by the due dates as specified on the tax bill and the filing of a request for review of the assessment will not waive this penalty (RSA 76:13).
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