Will the Revaluation process increase taxes?

Not necessarily. The tax burden is the amount the Town must raise to operate local government and support the many services each of us has come to expect, such as police, fire and schools etc. If the total value of the Town declines then the tax rate will increase to pay those same budgetary obligations. Typically there are not big shifts in the tax burden, however, not all properties appreciate or depreciate at the same rate. For example, if residential homes are selling at 115% of market value and residential condos in an area are selling at 125% of market value as maybe indicated in the sales analysis, then when we bring values to 100% the condos may drop more significantly and actually see a tax decrease. This is just an example to help you understand, we have no specifics as to whether any one group of properties is assessed differently than another.

The property tax rate is set for each community in the late Fall by the Department of Revenue (DRA). Each municipality must submit to the DRA their total assessed value, exemption and credit figures, and the municipal budget. The School District and County will also send in their budgets and the Legislature sets the State education figure. Once all of these items are received by the DRA, the property tax rate can be calculated.