MUNICIPAL RESOURCES INC TO CONDUCT BERWICK 2024 REVALUATION
The assessing firm
Municipal Resources, Inc. (MRI) has been hired by the Town of Berwick to begin
a town wide revaluation. The purpose of the project is to bring property assessments
uniformly in line with market conditions as of April 1, 2024. The town tax rate
for 2024-2025 will be adjusted according to the new property assessment for the
entire town.
The
assessor’s certified assessment ratio for the town, currently 85% of fair market
value, is expected to be reset at 100% of fair market value. The revised
assessment ratio will reset personal exemptions, such as Homestead and
Veterans, to their full values.
Here is a general
outline of each phase of the project.
Phase One, Market Analysis and Valuation: A variety of resources will be used to analyze the
real estate market. MRI will analyze recent sales to determine what market
factors influence property values. The current market rates for land and
building values, demonstrated by property sales, will be used to establish new
land and building values for all properties in the Town.
As part of this process MRI
will visit all properties that have sold between April 1, 2022 and March 31, 2024. MRI will measure the exterior of those buildings and
attempt to verify interior property details verbally or with an interior
inspection. Owners of property sold between April 1, 2022 and March 31,
2024 will be sent letters requesting information about the sale and the
condition of their property at the time of sale. MRI will also use information
from the York County Registry of Deeds and local real estate professionals. MRI
personnel working in the Town will have picture IDs and letters from the Town identifying
them. Personnel information will also be registered with the Berwick Police
Department.
During the market analysis
and valuation, building values will be determined by comparing each property to
others with similar characteristics. Land values will be determined based on
the desirability of locations throughout the Town as demonstrated by the real
estate market.
Phase Two, Field Review: During this review, properties are viewed in the
field by assessors who double-check data for uniformity and accuracy.
Phase Three, Informal
Hearings: Once Field Review is
complete, a notice of preliminary assessed values will be mailed to each
property owner. At this time, property owners will have an opportunity to
discuss questions concerning the revaluation process, assessed values, or their
property data with MRI personnel. After the informal hearings, adjustments to values will be made if
needed, and assessments will be finalized and accepted by the Town.
Phases
One and Two are expected to take place during the spring and early summer.
Phase Three hearings are expected by mid-summer. New values will be reflected
in the fall 2024 tax bills.
For more
information about the revaluation, please contact Municipal Resources, Inc.,
(603) 279-0352 or the Town offices, 207-698-1101
ext. 114. Please check the Town website, https://www.berwickmaine.org/departments/assessing/index.php
for an FAQ section about
revaluation.