What is my assessment?
Your assessment is the value of your property at 70% of fair market value.
What is fair market value?
Fair market value is the price for a property that would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It is the highest price a property would sell for if it were on the open market for a reasonable period of time.
What is the formula to figure out how much I pay in taxes?
To find out how much you pay annually use the following formula:
Assessment at 70% of fair market value X town mill rate
Example: If your assessment was $125,000 and your town’s mill rate was 32.25: $125,000 X 0.03225 = $4031.25.
What is a mill rate?
The tax rate is expressed in mills, or thousandths of a dollar.
How does the assessor value my property?
There are several factors assessors take into consideration when valuing a property and a couple different approaches. The most used approach is the sales approach. The sales approach entails comparing the specific property to similar properties that have sold recently. Important considerations are location, size, condition, quality, and time of sale.
When will the assessor come view my newly constructed house?
Once your new construction is complete and you have scheduled for a certificate of occupancy from the building department, the assessor will seek an appointment to view and measure your house.
Is the purpose of a revaluation to increase taxes?
No, the purpose of a revaluation is to make all assessments in town fair and equitable in relation to each other, based on current market trends. The result may be an increase in property values but that does not necessarily transfer over to an increase in the town tax rate.
What else does the assessor do?
The assessor maintains current data on each parcel in their respective town, including ownership information, maps of parcel boundaries, inventories of land structures, property characteristics. They also handle certain exemption programs. They analyze and keep current information on trends in sales prices, construction costs and rents to estimate the value of all property.
What are my rights and responsibilities as a property owner?
It is the assessor’s job and intent to maintain the most equitable values possible on all properties. You can help yourself and the assessor in making sure that the assessor’s office has the most accurate data for your property. If you feel that there is something wrong with your assessment contact the assessor’s office to set up an appointment to discuss it. If no agreement can be made and you still feel that there is something wrong with your assessment, your next recourse is the Board of Assessment Appeals which meets in March for real estate and personal property and in September for motor vehicles. The assessor will instruct you as to the proper procedure to follow to set up a meeting with them. Try to remember the limits of the assessor’s job responsibilities. If you think your assessment is too high, then the assessor’s office is the right place to go. If you think your tax rate is too high, you should speak with your elected officials and those that make the budget.
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