City Manager Blaine Cox announces that the City of Rochester, in accordance with its responsibilities under New Hampshire’s State Constitution, has begun the process of revaluing all property within the city.
The revaluation property assessments will have an effective date of April 1, and will take into account all current and relevant market data in order to equitably appraise all property to its full and fair market value.
Market value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.
New assessed values will be published shortly before second issue 2019 tax bills in November or December.
The last revaluation was completed in 2014, and the State Constitution requires a full revaluation be completed at least once every five years. An early analysis of data by the Assessing Department — and verified by the New Hampshire Department of Revenue — indicates that residential sale prices have increased considerably both in Rochester and the surrounding region over the last three years. That increase will likely be reflected in the new assessed values.
“Our city assessing staff is committed to developing a fair and reasonable assessment of all property in the city,” City Manager Cox said. “The revaluation will be reflective of the positive growth our city has enjoyed in recent years.”
Any property owner who ultimately believes their new assessment exceeds fair market value or is disproportionately assessed may file an abatement after receiving their second issue tax bill, but no later than March 1, 2020.
To read more about the revaluation process, please click here.