The assessing firm
Municipal Resources, Inc. (MRI) has been hired by the Town of Durham to conduct
a town wide revaluation, in accordance with the NH Constitution Part II,
Article 6 and RSA 75:8a, for the 2023 tax year. The purpose of the project is
to bring property assessments uniformly in line with market conditions as of
April 1, 2023.
Here is a general
outline of each phase of the project.
Data Collection and Sales Review: The data collection phase of the project started
during the summer of 2022 where MRI staff members have been measuring the
exterior and inspecting the interior of all structures in Durham to make sure
the data regarding each property is accurate. Postcards have been mailed to
property owners to notify them about upcoming of inspections. For properties
which receive only an exterior inspection, property owners will be sent a
letter requesting an appointment. Information on how to schedule an appointment
will be provided in the letter. All 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 Durham Police
Department.
Market Analysis,
Valuation and Field Review: A variety
of resources will be used to analyze the real estate market, including
information from the Strafford County Registry of Deeds and local real estate
professionals. MRI will analyze property sales within the revaluation analysis
period, between April 1, 2021, and March 31, 2023,
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.
During the market analysis
and valuation phase, 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. After market and valuation adjustments have been made, properties
will be viewed in the field by Supervisor Assessors who double-check data for
uniformity and accuracy.
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.
Informal
hearings are expected by June. New values will be reflected in the November tax
bills. The NH Department of Revenue will follow the revaluation making their
own follow up visits to a percentage of viewed properties and checking the
data.
For more
information about the revaluation, please contact Municipal Resources, Inc.,
(603) 279-0352 or the Town offices, 603-868-8064. Please check the Town website
for updates and more information: https://www.ci.durham.nh.us/assessing.