Cyclical Revaluation

M&N Assessing Services, LLC completed a Town-wide Cyclical Revaluation for the 2020 tax year. 

Value conclusions were reached through careful analysis of recent market sales. The conclusions represent the properties' estimated market value as of April 1, 2020. The values were not reached by simply multiplying each assessment by a certain percentage increase. One reason this can not be done is that different property types or "Strata" (e.g. vacant land, mobile homes, condominiums, residential commercial, industrial) typically show different percentage change over time. Other factors that influence individual rates of change include: physical data correction, new construction, demolition, property location, and current market preferences. 

Most properties saw a significant increase as a result of the revaluation. A key analysis consideration is the relationship between the assessed value of the sale parcel, compared with the fair market sale prices of the same parcels. The clear and consistent trend was that property sales far exceeded the existing assessed values, consequently, assessment increase was necessary. 

Perhaps the most important revaluation consideration is that your property is reasonably assessed when compared with recent market sales in Town, even if your old to new percentage change is not the same as others that you are aware of. 

Once again, the overall Town-wide vale has increased significantly. Generally, when this occurs, the new tax rate decreases in an inversely proportionate manner with the overall value increase. The State normally sets the new tax rate by the month of November. A main component to setting the new tax rate is the new Town-wide value.