Revaluation for K’Port (May 30, 2008)
By Renee Worthing
Staff Writer
Kennebunkport is about to embark on a town-wide revaluation project for the first time in 10 years.
State Planning Office Economist David Douglass said Kennebunkport’s 2007 Municipal Valuation reported the total assessed value of all land, buildings and personal property as $703 million. However, the 2007 state valuation for Kennebunkport is $1.67 billion. Douglass1 said the certified ratio, the level of municipal assessed valuation relative to full market value as declared by the assessor on the municipal valuation return, is 46 percent.
Town Manger Larry Mead said data collectors from Northboro, Mass.-based Vision Appraisal Technology will begin visiting properties during the last week of May.
Revaluation is the process for determining changes in property values, which determines a fair market value for the property, which are then used to assess taxes.
Mead said the value of some properties may go up, but that does not mean taxes will go up.
“Some taxes will drop, some may stay the same, some may go up,” he said.
Visual Appraisal Technology, which conducted Kennebunkport’s last revaluation in 1998, also performs revaluations in other Maine communities, particularly coastal communities, Mead said.
Mead said the data collectors would begin the process by visiting year-round properties first. He said they will take photos of properties and measure the exterior, as well as inspect the interior.
He said Vision employees would have photo identification, a letter of authorization from the town and their vehicles listed with town hall and the police department. Residents are advised to ask for identification before granting access to their property.
Mead said in order for a successful and fair revaluation, it is important that accurate information is collected.
He said although homeowners are not required to allow inspectors into their homes, if they refuse, their ability to apply for, or be granted, an abatement of value in the future may be compromised.
If the data collector is not able to perform an interior inspection they will estimate the interior characteristics and features based upon comparable homes.
“All they [data collectors] can get is similar projections from similar properties,” Mead said. “Residents are strongly advised to allow them in. The revaluation depends on good data.”
He said if a resident is not home for an interior inspection, a letter will be mailed to the resident requesting the homeowner to call for an appointment.
“They won’t leave a note on the door,” he said, adding it could alert neighbors that nobody was home.
Vision employees will work throughout June, July and August in order to visit every property in town.
“We have asked Vision to schedule visits to seasonal properties in July and August so that whenever possible the property owner is present for the interior inspection,” Mead said.
Vision Appraisal Technology will also collect data 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 delineate neighborhoods, which rate the desirability of locations throughout the town as determined by actual market activity.
Vision will also conduct a market analysis. While listers will collect physical data, appraisal personnel will analyze sales that took place over the last couple of years to determine which market factors influenced property values.
“They will look at categories of properties, mostly residential,” Mead said. “But, they will look at commercial businesses for a business analysis.”
The revaluation and analysis process will require more than a year to complete, Mead said.
Mead said 10 years is a long time for a town to go without a revaluation.
“People are reluctant to do revaluations,” he said. “They tend to associate revaluations with tax increases. It can be an unsettling process and people shy away from unsettling things, but someone has to say, ‘We have to do it, it’s been too long.’”
A notice of new value will be mailed to property owners in June 2009 and final values will be established in August 2009. Questions can be directed to the assessor’s office at 967-4243, ext. 102.
Staff Writer
Kennebunkport is about to embark on a town-wide revaluation project for the first time in 10 years.
State Planning Office Economist David Douglass said Kennebunkport’s 2007 Municipal Valuation reported the total assessed value of all land, buildings and personal property as $703 million. However, the 2007 state valuation for Kennebunkport is $1.67 billion. Douglass1 said the certified ratio, the level of municipal assessed valuation relative to full market value as declared by the assessor on the municipal valuation return, is 46 percent.
Town Manger Larry Mead said data collectors from Northboro, Mass.-based Vision Appraisal Technology will begin visiting properties during the last week of May.
Revaluation is the process for determining changes in property values, which determines a fair market value for the property, which are then used to assess taxes.
Mead said the value of some properties may go up, but that does not mean taxes will go up.
“Some taxes will drop, some may stay the same, some may go up,” he said.
Visual Appraisal Technology, which conducted Kennebunkport’s last revaluation in 1998, also performs revaluations in other Maine communities, particularly coastal communities, Mead said.
Mead said the data collectors would begin the process by visiting year-round properties first. He said they will take photos of properties and measure the exterior, as well as inspect the interior.
He said Vision employees would have photo identification, a letter of authorization from the town and their vehicles listed with town hall and the police department. Residents are advised to ask for identification before granting access to their property.
Mead said in order for a successful and fair revaluation, it is important that accurate information is collected.
He said although homeowners are not required to allow inspectors into their homes, if they refuse, their ability to apply for, or be granted, an abatement of value in the future may be compromised.
If the data collector is not able to perform an interior inspection they will estimate the interior characteristics and features based upon comparable homes.
“All they [data collectors] can get is similar projections from similar properties,” Mead said. “Residents are strongly advised to allow them in. The revaluation depends on good data.”
He said if a resident is not home for an interior inspection, a letter will be mailed to the resident requesting the homeowner to call for an appointment.
“They won’t leave a note on the door,” he said, adding it could alert neighbors that nobody was home.
Vision employees will work throughout June, July and August in order to visit every property in town.
“We have asked Vision to schedule visits to seasonal properties in July and August so that whenever possible the property owner is present for the interior inspection,” Mead said.
Vision Appraisal Technology will also collect data 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 delineate neighborhoods, which rate the desirability of locations throughout the town as determined by actual market activity.
Vision will also conduct a market analysis. While listers will collect physical data, appraisal personnel will analyze sales that took place over the last couple of years to determine which market factors influenced property values.
“They will look at categories of properties, mostly residential,” Mead said. “But, they will look at commercial businesses for a business analysis.”
The revaluation and analysis process will require more than a year to complete, Mead said.
Mead said 10 years is a long time for a town to go without a revaluation.
“People are reluctant to do revaluations,” he said. “They tend to associate revaluations with tax increases. It can be an unsettling process and people shy away from unsettling things, but someone has to say, ‘We have to do it, it’s been too long.’”
A notice of new value will be mailed to property owners in June 2009 and final values will be established in August 2009. Questions can be directed to the assessor’s office at 967-4243, ext. 102.
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