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The Assessor’s Office, assisted by Vision Appraisal Technology (the Town’s Revaluation consultant) is finishing field inspections, reviews and analysis of sales, and income and expense data. We will shortly begin working on the development of individual property valuations.
Why is Revaluation needed?
It has been four years (2003) since the last complete revaluation of all real estate was implemented. Meanwhile, a constantly changing local real estate market has caused inequities to develop not only in general, but by neighborhood and/or individual properties. Some properties increase at a faster rate than others. The solution of this problem is to reappraise all real estate based upon current market values.
What kinds of inequities exist now?
Changes in value occur in any community over a period of time. Neighborhoods change, and the desirability of some properties change, meaning that some properties have become over-valued or under-valued when compared to similar properties. Revaluation returns all properties to current market values and to the fair-share basis.
Who determines the value of my property?
People determine the market through real estate transactions with a willing buyer and a willing seller. It is the responsibility of the Assessor to research and determine fair market value in all areas. The most significant part of the appraisal process is accomplished by gathering sales data occurring between October 2, 2003 to October 2007 and comparing those sales to your property. From a study of sales of similar properties in like neighborhoods, an opinion of fair market value can be ascertained.
Isn't Fair Market Value what I paid for my property?
Not always. You may have purchased your property years ago when prices and value were considerably different. The true test is what your property would sell for in today’s real estate market.
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