The update is expected to effect an offsetting decrease in the overall tax rate. However, that does not mean that property owners will see a reduction in their taxes. The property tax paid by property owners will differ based upon the degree to which their property value has changed when compared to the average change in all property values. Also, funding needed by the school district has not yet been finalized.
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The City's appointed Board of Assessors directs the City Assessing Office to annually review all property types within the City and make necessary adjustments to property values. Additionally, the Concord City Council authorizes the appraisal per the provisions of RSA 75:8-b.
Sales that occurred between April 1, 2020 and June 30, 2021 will be used to determine market value as of April 1, 2021.
All properties will be valued at their full market value. Analysis of market sales will aid in determining to what extent differences in properties affect their value. Building styles, size, condition, and location may affect property values differently. Similarly, commercial property values will be affected by property type, rents, expenses, and investment risk.
No. The Assessing Office will attempt to inspect properties that have sold between April 1, 2020 and June 30, 2021 and those properties that have been altered as part of the update.
Yes. You should review the information the City has regarding your property making sure it is accurate. If you find discrepancies, you should ask for an inspection of your property. You may view the City’s data online at concordnh.gov/assessing or requesting a copy of your property record card by emailing firstname.lastname@example.org .
Every year the City will be reviewing and analyzing sales of properties. If the market value increases or decreases, the City will consider these changes and make appropriate adjustments to the assessments reflecting the market value of the property as of April 1st of each year.
Probably not. All property sales between April 1, 2020 and June 30, 2021 will be used to determine new assessments. Your purchase price is one sale out of hundreds that will be used in the analysis. Your assessment will reflect the most probable sale price you would expect to receive. Where comparable sales are rare or non-existent in your neighborhood, sales from similar areas or property types in the City will be used to determine value.
After the bills are mailed in late November, you have until March 1, 2023 to file an abatement with the City. If you still disagree with your assessment, you may appeal to the Board of Tax and Land Appeals or Superior Court by September 1, 2023.
It is important to note that your July 2022 and October 2022 tax bills are estimates based upon your property’s 2021 assessed value and the 2021 tax rate. Your final 2022 tax bill will be determined in November using the new assessed value and the new property tax rate. The final quarterly tax bills due in January and March 2023 will reflect the total amount of your tax bill less the July and October estimated bills. The January and March 2023 tax bills will reflect the full amount of any increase or decrease in taxes for the tax year. The tax year runs from April 1st through March 31st.
No. The City, School, or County will not receive any additional tax revenue from the reassessment. By bringing property assessments to market value, an update of assessments results in an equitable redistribution of each property owner’s portion of the tax.
The reassessment of all properties is not affected by the budget process. Once the dollars for the municipality, schools, and county budgets have been approved by their respective governing bodies, the tax rate is determined by dividing the final budget dollars, less other revenues, by the community’s total assessed valuation.
Increased City, School, and County budgets and reductions in State revenues mean property taxes are most likely to increase. However, the change in assessments will cause different levels of increases or even a possible decrease in individual property tax bills.
Yes. All types of properties in the City will be reviewed to determine the appropriate market value.
The Director of Real Estate Assessments oversees the entire process. Staff members of the Assessing office will review, analyze, and adjust current data to arrive at market value assessments for all properties. The Board of Assessors is apprised of the status of the reassessment process.
The Concord Board of Assessors is an independent board of three professionals who are appointed to ensure that the assessment process complies with all state laws. Upon the completion of the update, the Board of Assessors signs the forms for the final values and tax rate setting.