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UPDATE OF ASSESSED VALUES UNDERWAY

Representatives from Municipal Resources Inc. will begin work to assist the Town of Exeter in completing a town wide statistical update of all assessed values required by the State of New Hampshire for the 2015 Tax Year. 

As per the State Constitution, values are required to be taken anew at least every five years.  The last update of values for Exeter occurred in 2010 based on market prior from the prior two years. 

To meet the requirement, a statistical update will be performed to bring all properties in-line with the market conditions as of April 1, 2015. Sales from at least the previous two years will be utilized to determine an assessment as of April 1, 2015. Work to be done this year includes: 

Market Analysis:  A variety of resources are used to analyze the real estate market.  Municipal Resources personnel will be analyzing recent sales that took place over at least the past two years to determine which market factors influenced property values.  Data collectors will visit those properties and measure the exterior all buildings on the property as well as performing an inspection of the interior. If no one is home or it is an inconvenient time, a letter will be sent this spring to schedule an interior inspection. Your cooperation is appreciated to insure a fair and equitable assessment. Once all the data is collected and reviewed for accuracy, appraisers will determine land values and set Neighborhood Site Indexes (factors that rate the desirability of the various locations) throughout the Town. 

Valuation:  This work is done using one of three recognized methods, Cost Approach, Income Approach and Sales Approach.  As part of the work pertaining to analysis under the income approach, surveys will be sent to the town’s commercial, industrial or rental properties seeking information regarding current economic conditions relating to those properties, all information provided is confidential. The most widely used approach to valuation is Sales Approach.  As part of this work, individual characteristics of buildings are analyzed and properties are compared to others with similar characteristics and the analysis of sales.  The market value of improvements is added to land values previously determined resulting in an estimate of total value for each parcel of property (including both building and land). 

Field Review:  Following establishment of an estimated total value for individual properties, review in the field is conducted by experienced appraisers.  Field review is the method of checking and re-checking both the values that have been determined and the data that has been collected. 

Informal Hearings:  Once the field review is complete, a notice of new assessment will be mailed to each property owner. It is expected that the project will reach this stage sometime in July or August. After receiving the notice anyone with questions concerning the update process or the data collected on their property will have an opportunity to meet with a member of Municipal Resource’s staff to discuss.  

Following the informal hearings, information collected during the hearings is reviewed and considered by appraisers.  Any further adjustments are then made before final assessed values are turned over to town officials. Assessments established as a result of this project will serve as the basis for calculation of the Town’s tax rate and the final tax bill to be issued by the Town (typically in November).  




 



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