Revaluation Information

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.

 

A physical and/or virtual 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.  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 property sales between October 1, 2023, through September 30, 2025, allows comparisons to be made and for Appraisers to establish parameters to estimate the value of property that has not been sold.  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 homeowner, at the completion of the project, will receive an individual notice of the new assessment.  Property owners can then review the entire public assessed values made available online through the revaluation company, eQuality, 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 as a hearing towards the end of the Revaluation.  At a hearing, 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 an inspection 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.

 

HOW WILL I KNOW IF MY ASSESSMENT IS EQUITABLE?

Compare your properties to similar properties that sold in the previous year, October 1, 2024, through September 30, 2025.  Your value should be in line with these sale prices.   Remember, very few properties are exactly alike.  Your value should be comparable, but it seldom will be exactly the same as what seems to be a similar property.

WHAT ARE SIMILAR PROPERTIES?

In comparing similar properties, you will be looking at homes in your neighborhood that are the same style as yours, i.e. – ranch, cape, colonial, raised ranch etc. You then want to look for the same square footage of the style of your home, number of bathrooms, air conditioning vs. no air conditioning, finished basement or attic vs. no finished basement or attic, etc. You will also look to see if there are any extra property amenities such as an inground pool, pool house, outdoor kitchen, gazebo, patios etc. The other factor used in the valuation is land values. Comparable acreage should also be utilized when doing comparison research. Comparisons should be based on total property value. Do not use assessed values in comparisons as assessments may contain exemptions that the property owner is entitled to.

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 Revaluation Company with the number provided 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 on the property valuations.  Homeowners are asked to come prepared with questions and have compared their property to other comparable ones in their neighborhood.  A Hearing Officer will determine if a review of the property is necessary.  All changes to value that occur due to a hearing will be reflected in the change notice that is sent after hearings are complete.

IF I DISAGREE WITH MY ASSESSMENT AFTER A HEARING, WHAT ARE MY OPTIONS?

You may then appeal before the Municipality’s Board of Assessment Appeals.  The Board of Assessment Appeals will review the case and make a determination as to the disposition of the appeal.  Should the property-owner still feel the assessment is incorrect, they may appeal to the Superior Court for the judicial district in which the municipality is located.  All appeals to the Board of Assessment Appeals must be made by February 20th if the grand list is filed by the Assessors office by January 31st.  If the town is granted an extension to file the grand list the filing deadline to the Board of Assessment Appeals is March 20th.  Always contact your local assessor’s office with any questions pertaining to the filing dates for appeals.

 

A Revaluation may result in an increase or decrease of individual assessments; it does not mean that all property taxes will increase.  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 schools, 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.

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, they do 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.

No, you don’t have to let them in, this is a request not a court order.  However, if you choose not to let the assessor’s office or the revaluation company representative in, they will be forced to estimate the interior of the property.  There are three scenarios that can occur.  The first is that the assessor’s office or revaluation company will estimate correctly, and your assessment will be accurate.  The second is the assessor’s office or revaluation company will estimate incorrectly and you will receive an inaccurate assessment.  The third case scenario is that the taxpayer made improvements to the house and the new assessment does not reflect the improvements.  If you want an accurate assessment of your property, the best approach is to let the assessor’s office or revaluation company representative inspect the property.