Revaluation In the early 1970's, the Legislature enacted the current law establishing minimum municipal assessment standards. This statutory standard sets a minimum assessment ratio of 70%. In computing the assessment ratio, the state compares the sales figures reported on the real estate transfer tax returns with the assessment values on which we compute taxes. The revaluation process is an extensive review of recent sales of property within our town as well as visits to each property. This review provided the assessor's agent with base amounts on which he computed a property's valuation based on: - The base building lot value
- The value of additional acreage
- The base value of shore frontage computed by the linear foot
- The value of additional shore frontage
- The value of either your well & septic system or intrinsic value of being connected to public water & sewer.
- The value of a residential structure based on square footage.
- The value of a non-residential structure based on square footage.
Once base values are established, each property is reviewed and its valuation calculated. Valuation may be adjusted due to building conditions and age as well as land characteristics. What would happen if the Town did not do a revaluation? As our assessment ratio fell over the last several years, we have received a lower reimbursement amount from the state on our Homestead exemptions, Veteran's exemptions, State Revenue Sharing, and General Purpose Aid for Education (GPA). This trend would continue. How does the revaluation affect the mil rate & taxes? The tax mil rate computation is complex, at best. The steps, simplified for illustration, are as follows: A. A sum of the "money" articles from town meeting is computed. This sum includes the amount needed for the school (less the GPA and other funding sources), the county taxes, and the municipal budget. B. We subtract all non-property tax revenue we anticipate receiving. These revenues include excise taxes, boat excise taxes, and other fees anticipated. C. We determine the net amount to be raised through property taxes (A minus B = C). D. We determine the amount of taxable real estate and personal property in the town. This is the total town valuation less homestead exemptions and veteran's exemptions as well as excluding properties owned by the town or which are granted tax exempt status. E. We compute the minimum mil rate to fund operations (C divided by D = minimum mil rate). F. The state allows us to add up to 5% to the net amount to be raised to provide a buffer to fund errors made.
What would our taxes have been if we hadn't had a revaluation?We will be able to determine this number once the budget for 2008-09 is accepted. Why did my taxes go up SO MUCH!!!!!?At this time, we cannot determine that amount. However, under most circumstances, the mil rate decreases after a revaluation is done. Historically, 1/3 of the taxpayers see a decrease in their tax bill, 1/3 of the taxpayers have their tax bills stay approximately the same, and 1/3 of the taxpayers see their tax bills increase. A revaluation redistributes the tax burden between those properties whose values are declining or whose values are increasing at a moderate and steady rate and those properties whose values have increased substantially due to improvements or location. Just like in real estate sales, it's location, Location, LOCATION!!!! Although the overall "pie" grew, your portion may have increased faster than others. What if I disagree with my valuation?You may complete the appeal form. You must indicate specific reasons or conditions why you feel the valuation is incorrect. We suggest you review real estate transfer tax forms and other assessment information for properties similar to yours which are located in the same area. These sales are reported to the state and are used as the basis for computing the base square footage and acreage figures. These forms and properties will be reviewed by the Assessor's Agent and you will be provided with an answer. If you are still dissatisfied, you may appeal this decision to the Board of Selectmen at a subsequent meeting. The request for being placed on the Selectmen's meeting agenda must be received at least 8 days prior to the scheduled meeting date. What about the tax payment deadline?A valuation appeal will NOT delay the date at which interest begins accruing. You should pay your taxes timely. If an error has been made, you will be refunded any overpayment as well as interest from the due date. | 
