2019.07.22 Council Agenda Item 11
Summary
Presentation by Nathan Poore, Town Manager and Ben Thompson, Cumberland County Assessor, introducing the Town’s plans to conduct a full revaluation of all real property town wide in 2020 for the 2021 tax commitment.
A public comment period will not be included with this item.
ACTION: Council action is not anticipated.
Description
The last revaluation occurred in 2009. As property values fluctuate with market conditions, revaluations are performed to update assessments of all property types to secure an equitable distribution of the tax burden. Accuracy of assessed value as compared to sale price is determined through two measures, average assessment ratio and quality rating. The Maine Revised Statutes state that a municipality shall maintain a 70% minimum assessment ratio and a quality rating no higher than 20. The Town’s valuation has been stable since 2009, however, declining 2020 and 2021 assessed ratios and increasing quality ratings signal that it is time to perform a revaluation. The Town will hire a mass appraisal firm to conduct the revaluation. Town staff plan to initiate the bid process in September 2019. Field inspections are projected to begin in April 2020 and with an expected project completion of August 2021.
A copy of the presentation is attached.
