A computer assisted property revaluation was completed in the town in 2010 based largely on 2009 sales data. The 2010 revaluation was completed by Gardiner Appraisal Service and property owners received notices of new assessed values in 2010.  Now the Town begins work on a revaluation of property values for 2011 that will reflect declines in some portions of the real estate market in 2010.

The Town has reviewed recent sales data from 2010 that indicate a decline in value for many properties in the past year.  It was determined that a revaluation would be needed to ensure that properties were not over assessed based on the new information. The Town has awarded a contract to Accurate Appraisal for 2011.  A computer-assisted revaluation of the Town will begin in March of 2011 and is scheduled to be complete in the fall of 2011.

All property owners will receive a notice of assessment change by mail when the revaluation of the whole town is finished. The Town will conduct Open Book meetings and a Board of Review for residents to challenge assessed values. Dates for Open Book are Wednesday, August 24th from 12 PM 7 PM and Thursday, August 25th from 9 AM to 3 PM.  If you have questions you may contact the Town Clerk Treasurer, Cathy Hasslinger at 838-1081 Ext. 204.

Q - Why is the revaluation being done in 2011?

A computer assisted revaluation of property was completed last year in 2010 to bring all properties closer to 100% of fair market value under the state assessment guidelines which relied heavily on actual sales data from 2009. Throughout much of 2010, sales data showed that some properties were selling for less than assessed value, while others were selling for more than assessed value. The Town received many questions and complaints about property assessments due in part to the volatility in the real estate sales data. It was recognized that further sales data gathered in 2010 might be needed to ensure equity of assessments and to recognize the full extent of declining values for some types of property. The Town has initiated another revaluation in 2011 that will consider 2010 sales data.

It is very unusual for the town to revalue properties in two consecutive years. Factors that contributed to the decision to  undertake an additional revaluation included the large number of appeals and complaints about the 2010 revaluation, the sales analysis and recommendations of two appraisal firms in favor of a revaluation and one appraisal firm not in favor, and the obligation of the Town to ensure that property assessments are equitable. In a volatile market, more frequent revaluation might be expected. A more expensive full walk through revaluation was not recommended by any of the three appraisal firms bidding on the Town's assessment contract. 

Q - Will my home be inspected?  

A sample of homes will be inspected.  If your property was purchased or altered recently, an experienced appraiser from Accurate Appraisals will make a personal visit to your property.  The appraiser will need to walk through the interior of your home and also walk around the exterior.  The appraiser may take exterior measurements and an exterior photo. The appraiser will be carrying identification.

Q - How does the assessor go about placing a "fair market value" on my property?

Finding the market value of property involves reviewing what similar properties are selling for, what the property would cost today to replace, and factors affecting the real estate market.  Valuation techniques for commercial properties also include analysis from an investment point of view.  The assessors have the legal responsibility to discover and report the changes that are occurring in the market place.

Q - Will all assessments be reduced by a percentage?

Not all properties change in value at the same rate over time. In accordance with State guidelines for assessment, the computer assisted revaluation calculates the market value of each property, considering characteristics and neighborhood trends for each property. Some properties will go down, some will go up depending on market conditions and property characteristics.

Q - How can my assessment change when I haven't done anything to my property?

As property values change in the marketplace, those changes must be reflected on the assessment roll.  Economic conditions such as recent home sales in your neighborhood, sales of reasonable comparable buildings, and inflation will influence the value of your real estate. 

Q - Will my property taxes increase or decrease due to the revaluation?

The answer to that question is different for each property owner. Property owners with smaller changes in assessment will see smaller changes in their tax bill and those with greater changes in assessment will see a greater impact on their tax bill due to the revaluation.  Typically, in a revaluation year, some properties experience an increase in tax, some stay the same, and some decrease. We will not know until the mill rates are available in December whether new assessments will result in higher or lower taxes on an individual parcel.

Q - Should the Town do another revaluation if real estate values continue to decline?

In general, if the sales data indicate that there is inequity between classes or neighborhoods, then a revaluation is needed to ensure that the tax burden shared fairly and in accordance with the state guidelines.  If sales data do not indicate inequity between classes or neighborhoods, then a revaluation will not have much effect and will be costly to taxpayers. There is a consideration of cost and benefit. Revaluations can be done annually and should be undertaken frequently enough to ensure equity. 

Q - Why did the Town hire a different Assessor for the 2011 revaluation?

The town contracted with Gardiner Appraisals for the 2010 revaluation and for maintenance through June of 2011. Periodically the town seeks bids from other assessment firms to compare costs and services. The decision to end the contract with Gardiner Appraisals prior to June of 2011 and to award the contract to Accurate Appraisal was influenced by a petition from community members and a review of the wait times at Open Book during the 2010 revaluation with Gardiner.

Q- How can I learn more?

If you have questions you may contact Accurate Appraisals at 1-800-770-3927 or the Town of Dunn Clerk, Cathy Hasslinger at 838-1081 Ext. 204.