City Wide Revaluations
Vision Government Solutions has released the preliminary values for the 2023 Claremont city-wide revaluation. Letters have been mailed with the preliminary values to each property owner. DO NOT use last year’s tax rate to calculate estimated taxes for 2023. As most property values have increased, there will be a decrease in the tax rate. We will not have the 2023 tax rate until later this fall when it is issued by the Department of Revenue Administration.
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This tax year (2023), the City of Claremont contracted with Vision Government Solutions to complete a full revaluation of all properties in compliance with RSA 75:8-a. Besides the constitutional and statutory requirements, there are many beneficial aspects to completing a revaluation. The nature of the value of real estate is that values change. Basic fairness in property taxation requires that everyone pays based on the market value of their property, and the revaluation resets all property to market value.
Every year the City of Claremont Assessing Department monitors qualified sales and the real estate market in general in Claremont. For the final 2022 tax year, Claremont’s median ratio was calculated to be 56.8% of market value. This means that sale prices in 2022 were approximately 76% higher than pre-revaluation assessments. The New Hampshire Department of Revenue Administration requires municipalities to be within 90-110% of market value during a revaluation.
Vision Government Solutions will review qualified sales to adjust metrics in the Computer Aided Mass Appraisal (CAMA) System to better reflect market value based on data points already collected throughout the city. These adjustments will create a mass appraisal of all property that more accurately reflects the market values of all properties across the city.
The new tax rate will be established by the Department of Revenue Administration later this year. An increase in property value does not necessarily mean an increase in your property tax bill. DO NOT USE the current tax rate to estimate your taxes. An increase in town-wide value generally results in a decrease to the tax rate.
The revaluation does not change the normal right to appeal through abatements following the final tax bill or further appeal processes following a response to an abatement. All abatement procedures remain the same and must be filed following the final 2023 tax bill by March 1, 2024.
Below are some studies and information that may be helpful in conceptualizing and understanding aspects of the revaluation:
