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If the same amount of money is to be raised for the current year after a valuation update from the previous year, and each assessment has doubled, the tax rate would be cut in half. And vice versa, if each assessment decreased by 20%, and the same amount of money was to be raised, the tax rate would increase by 20%. Increases or decreases in assessed values to not cause a tax increase or decrease.
There is no charge for your own property record card. You can also view many of these details online using the link available on this website.
Other factors include amenities or detriments on the land as well as features in the building such as number of bathrooms, type of heating/cooling, interior/exterior finishes, and special features including fireplaces, saunas and jacuzzi's. Also considered are detached structures.
Although there may not have been any physical changes to the property, buyers may be paying more or less for properties than they were in previous years. The assessment changes reflect the changes in the purchase prices of similar homes in the neighborhood. The assessments do not predict market value. The assessments reflect (or report) market value. The real estate market can change dramatically from year to year. Buyers and sellers determine the market value of properties. The assessments reflect what the buyers and sellers are doing as of the assessment date.
It is highly likely that the assessed value of your property will increase once the addition is put on the property. Generally speaking, improvements that increase the market value of a property will increase the assessment.
A recent inspection by the Assessor’s office also may have contributed to a change in assessed value, perhaps adding something that had been missed or reducing something that was overstated. Your style or size or land area or other factor(s) may differ from your neighbor’s and that caused the valuation changes to differ.
The resolution may be that the assessors have to raise the neighboring property’s assessed value to make it more in line with the surrounding properties. The most important criterion the assessors examine in an abatement request is the market value of the property of the person filing the abatement and the market value of any property that the person filing the abatement mentions on the application.
In addition, state laws (statues) require that real estate be assessed at 100% of market value as of January 1 immediately preceding the current fiscal year. This is the assessment date. The sales considered in order to determine the market value are those that took place during the calendar year prior to the assessment date. If your sale took place subsequent to the assessment date, it will be in the group of sales analyzed in the preparation of the following year’s valuations, and is not relevant to the current year’s valuation.
If a person does not allow the assessors to view the interior and exterior of a property, estimates are made about the condition of the interior of the property, the kitchen and bath qualities, and where there is finished attic space and finished basement space. If the estimates are overstated, property owners may contact the assessor’s office to arrange an interior and exterior inspection of their property.
An abatement happens as a result of an adjustment that lowers a property’s valuation after the actual (not preliminary) tax bill has been issued. Exemptions are available for seniors, low income seniors, surviving spouse or surviving minor child, veterans with disabilities, and blind persons.
For detailed instructions on the application process view the Guidelines For Preparing an Abatement Application.
If, however, a one-time adjustment were granted just for the current year, the assumption is that the adjustment does not carry forward into the next year. If the property owner then feels that the valuation is overstated in the following year, he/she must submit a new application.
Although the appraisal concepts are the same and the results similar, the process is different. No particular sale or group of sales is used to determine the value of your property, but all of a certain calendar year’s sales are included in the analysis that set the parameters for the next fiscal year.
Every 3rd year the Department of Revenue (DOR) requires each city or town to conduct a revaluation. This is a year-long process during which the DOR examines every phase of the assessing operation before certifying the values. During the 2 years in between revaluations the Assessors may change the values if sales activity so indicates. These yearly updates are called Interim Year Adjustments. There was an adjustment to the values for FY 2009.
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