FAQs Regarding 2021 Revaluation

A revaluation is an update of all assessments in the municipality.

 

The state requires that all property in a municipality be assessed at its "full and true" market value. Further the NH Constitution (Part 2 Article 6) requires that each municipality takes value anew every five years. A revaluation is the most equitable way to accomplish this. The last revaluation was in 2016.

 

Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to be a market value (arm's-length) sale, the seller and buyer must be unrelated and willing parties (not under pressure) to buy or sell, the property must be on the market for a reasonable length of time, the payment must be made in cash or its equivalent, and the financing must be typical for that type of property. RSA 75:1 further defines market value as: "... the property's full and true value as the same would be appraised in payment of a just debt due from a solvent debtor."

 

The next best evidence is the arm's-length sales of reasonably comparable properties. These are properties similar to yours in location, age, style, condition, and other features that affect market value, such as the number of bathrooms and size of garage. 

 

General economic conditions such as interest rates, inflation rates, and changes in the tax laws will influence the value of real estate. As property values change in the marketplace, those changes must be reflected on the assessment roll.

 

Yes.  A notice will be mailed to all property owners in August 2021. 

 

Schedule an appointment with the Assessor. During this informal session you can learn how your assessment was made, what factors were considered, and what type of records there are for your property.

 

Although the value of your property affects your share of taxes, the actual amount you pay is determined by the budget needs of the schools, municipality, county, etc. All of these taxing units decide what services they will provide in the coming year and how much money they will need to provide these services. Once the decision to approve a budget is made, a tax rate is set by the state that will generate the needed dollars. Your property taxes are then determined by taking your assessment and dividing by 1000, then multiplying by the tax rate.

(assessed value/1000) x tax rate = taxes.

 

The tax rate is established every year by the NH Department of Revenue based on voter approved budgets and the final total taxable value.

 

If you have questions, please feel free to contact the Assessor at 603-798-4541 or by email at assessor@loudonnh.org.

 

Christina Murdough, CNHA

Loudon Assessor