Metrocast3

Tuftonboro residents receive revaluation assessments


August 28, 2014
TUFTONBORO — With Tuftonboro's median ratio at 120 percent for tax year 2013, the Department of Revenue Administration recommended a revaluation of property. The revaluation is now complete and notices of preliminary assessment values went out on Aug. 15 to all property owners.

Towns are required to do a revaluation every five years. Tuftonboro hired assessor Rod Wood to begin the process around four years ago to assess 20 percent of properties each year. The DRA's alert of the imbalanced median ratio prompted the Board of Selectmen to direct Wood to complete the remaining 40 percent in the fourth year to be able to move forward on the revaluation.

Defined by the NH DRA, ""The median ratio is the preferred measure of central tendency for assessment equity, monitoring appraisal performance, and determining reappraisal priorities, or evaluating the need for a reappraisal. The median ratio, therefore, should be the ratio used to modify market value of properties under review for abatement to adjust them in accordance with the overall ratio of all properties in your municipality."

The letter to residents from the Board explains that the preliminary assessments are based upon the sales of properties and changes in assessments will only be made where it can be shown that the property is assessed in excess of what it could be sold for on the open market.

This Friday, Aug. 29, is the last date to schedule appointments with the assessor on Sept. 8 and 12. Residents will again have the opportunity to contest the value after the second 2014 tax bill has been issued. Abatement forms are available in the Selectmen's Office and online at http://www.nh.gov/btla/forms/documents/municipal-abatement.pdf.

The total value of the town has changed. Residents are reminded that the new tax rate will also change proportionately, so multiplying the new assessment by last year's tax rate will be incorrect. The new tax rate will be set in October or November.

Anyone interested in viewing comparison information may stop by the town offices.

Thanks for visiting NewHampshireLakesAndMountains.com