Frequently Asked Questions

A revaluation is the process of conducting the Data Collection and Market Analysis necessary to equalize the values of all properties with the municipality for the purpose of a fair distribution of the tax burden. The purpose of the revaluation is not to raise or lower the tax assessments or tax base of a municipality. The main purpose of a revaluation is to establish fairness and equity among all property owners, and all property types.

A revaluation is performed to equalize the values within a municipality to ensure a fair distribution of the tax burden. It is not done to raise taxes. Property values change over time, but they do not all change at the same rate. Market value may have increased more for some neighborhoods and property types than for others. While others still may have decreased in value. A revaluation is done to make sure assessed values reflect changes that have occurred in the real estate market.

The revaluation will be effective for the April 1, 2025, assessment date. It will be reflected in the 2025-2026 tax commitment in August 2024.

Sales that have taken place in the last two years indicate that the market value of property has increased. When the real estate market has higher prices, the ratio of assessed value to sales price grows further out of alignment. When this occurs, the “Certified Ratio” from the State reduces many reimbursements and exemptions. A revaluation can bring State reimbursements and exemptions back to full value. If we do not conduct a revaluation, the homestead exemption as well as other exemptions, and other State reimbursements will continue to decrease.

Full revaluation: involves the interior and exterior inspection and re-measurement of all properties, which necessitates entry into each residence or building.

Statistical revaluations: use existing data to revalue all town properties, avoiding onsite property inspections except to confirm validity of data for a sample of properties. Sales are then analyzed to determine new town-wide values. With respect to each process, the resulting valuation is the same—the only difference is the costlier to perform, while the other is cost-efficient.

By using a statistical approach, the Assessor can readily determine whether the assessments represent 100% of the fair market value and if they are equitable among property owners and property types. If assessment inequities exist, it may be necessary for the Assessor to make the appropriate adjustments to maintain fairness and equity.

All factors that may affect the market value of your property will also be considered, such as the cost to replace your building(s) less any depreciation, plus the value of the land could be used to estimate the market value.

The Assessor’s Office maintains a complete record of each property. Information is kept current through building permit inspections, sales inspections, periodic re-inspections, and exterior reviews. The details on your property card are used to determine your new value. We encourage you to look over your property card for accuracy.

As part of the revaluation, property owners will receive a parcel inventory mailer listing the characteristics on file for their property. This is an opportunity for owners to make any needed corrections to the data.

There are two very good methods for determining this.

1. Compare your property to similar nearby properties that sold in the previous year. Your value should be in line with these sale prices.
2. If there are no recent sales available, compare your assessment to other similar properties in your area using the data available in the Assessor’s Office, or online on our database.

Remember, no two properties are the same. Your value should be comparable to a similar property.

Yes. Naturally, factors will differ from those affecting residential properties. Information such as building income, expenses, and vacancy rates will be gathered in addition to physical characteristics.

The new information will be mailed to all owners beginning in June 2025. These values will be used to calculate new tax bills for August 2025.