By Alex Malm
By now, most home owners should have received the most recent assessments of the value of their property by the town, but during the Aug. 14 Town Council meeting, Assessor, Steve Hamilton, gave the Council an update about the two-year preliminary revaluations.
Hamilton said the preliminary revaluations had been completed and they were to send them to residents “so people will be able to see the result of the revaluation.”
Hamilton stated that the Town Council recently made the shift from having the revaluation every five years to two years, noting it made increases in valuation more manageable.
“It keeps the change in value a more manageable range,” Hamilton said.
While the numbers haven’t been finalized, Hamilton said it’s expected that the values of residential properties went up around 23-24% on average.
“There are going to be some properties that will go up less than that and there are going to be some properties that will go up more than that,” Hamilton said.
Hamilton explained that some properties have a more level of attractiveness in the marketplace compared to others, which impacts the values.
“Properties don’t change in value in the same way,” Hamilton said.
Hamilton added that as part of the letters that will be going to taxpayers is a way for people to be able to make appointments with the assessors so they can meet face to face or on the phone if they have any concerns about their preliminary assessments. “We want to have a conversation,” Hamilton said.
Call 603-432-1100 ext. 135 to arrange an appointment before Aug. 25 at 4 p.m.
For commercial properties, Hamilton stated that some things like apartments without low income have had a significant change in value while some offices have gone down in value compared to residential.
“It’s a mixed bag when it comes to commercial properties,” Hamilton said.
Even though some homes may have gone up in value as part of the revaluation, Hamilton explained that there is a chance the tax rate could decrease, which was the case in 2021.
It was explained by Hamilton that once they determine the final valuation of the town as a whole they then divide it by the amount of money that needs to be raised to come up with the tax rate.
Hamilton said they don’t have the 2023 tax rate yet and it would be finalized by the Department of Business Revenue in October or November.
Unlike other states, Hamilton said New Hampshire only allows for one tax rate.
In 2022, Hamilton stated that the tax rate was $18.42.
Hamilton added they would go in front of the Town Council in the Fall to have the final revaluation values submitted.
Residents took to social media after the letters were delivered and posts written on LondonderryNH were concerned about the pike in their home values.