Revaluation Impact Notices Are Coming Soon
One year ago we began the state mandated project to revalue all properties in Town. We partnered with Vision Government Solutions, Inc. for this effort. There are five major phases to a municipal revaluation: Data Collection, Market Analysis, Valuation, Field Review, and Informal Hearings.
We are currently performing the final analysis of the project by running statistical and exception reports. When complete, we will be in the final Informal Hearing phase. In early November an impact notice with the preliminary new assessed value will be mailed to each property owner. At that time, anyone with questions concerning the revaluation process or about the data collected on their property will have an opportunity to meet with a member of Vision's staff to discuss their property.
The following phases have been completed and are included below to give you a sense of how property values are determined.
Data Collection was the first phase of the project. Data Mailers were sent out to verify residential property information in October 2017. We sent out a second Data Mailer in April 2018 for those who had not initially responded. We received back nearly 70% of these mailers which far exceeded the normal return rate of 30-40%. Vision Government Solutions, Inc. then attempted to visit and inspect all of those who didn’t respond or whose mailer needed a bit more clarification. Building permits issued since 10/1/2017 were also inspected as part of the process. It should be noted that as part of this project all Commercial and Industrial properties were visited as well.
Market Analysis was the second phase. A variety of resources were used to analyze the real estate market. While the physical data was being collected by Vision Data Collectors, appraisal personnel were analyzing recent sales that took place over the last few years to determine which market factors influenced property values. Once all the data was collected and reviewed for accuracy, the appraiser determined land values.
The Valuation phase followed. Valuation was done using one or more of the three recognized methods, Replacement Cost, Income Capitalization Approach and Market Value Approach. During this phase, sale properties were evaluated and individual characteristics of the buildings were analyzed using information gathered in both phase 1 and 2. Each property was compared to other properties with similar characteristics. Then the estimated value of the improvements was added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.
The Field Review phase allowed for the checking and re-checking the values that have been established and the data that has been collected. During this review, properties were viewed in the field by experienced appraisers who double checked uniformity and accuracy of information.
Thank you for your cooperation during this important project.