Assessors Begin Fiscal Year 2008 Revaluation
The Assessing Division will be undertaking a Revaluation on all properties for Fiscal Year 2008 (FY08). Every three years a community’s assessments must be reviewed by the Commissioner of Revenue and certified as meeting legal standards. Vision Appraisal Technology has been contracted to conduct the revaluation in conjunction with the town staff.
There are three major phases to a Revaluation: Market Analysis, Valuation, and Field Review. The following is a general outline and explanation of each phase of the project. During these phases over 200 tasks will be implemented in order to successfully complete the Revaluation. These activities will take place throughout calendar year 2007.
PHASE 1: MARKET ANALYSIS
A variety of resources are used to analyze the real estate market. Appraisal personnel will be analyzing recent sales that took place over the last few years to determine which market factors influenced property values. Vision Appraisal Technology will gather and use information from the Registry of Deeds, property managers, developers and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and set Market Area and Site Index codes that rate the desirability of locations throughout town.
PHASE 2: VALUATION
Valuation is done using one of the three recognized methods: Replacement/Market Cost, Income Approach and Sales Comparison Approach. The Sales Comparison is the most widely used approach and most easily understood. During this phase, individual characteristics of the building are analyzed using information from sale properties. Each property is compared to other properties with similar characteristics. Once the market cost is determined, the improvement value is then added to the land value that was previously determined. This value is the final estimate for each parcel of property.
PHASE 3: FIELD REVIEW
Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field by experienced appraisers who check for uniformity and accuracy of information.
After all phases are complete, all data, files, records, etc. used in the revaluation are submitted to the Department of Revenue (DOR) for certification, and property owners are notified of the proposed valuations. Final values will be reflected on the January 1, 2008, property tax bill.
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