Auburn Revaluation Shows Double-Digit Growth
Property values in Auburn increased in value by an average of 20 percent over the last five years according to the preliminary assessment update conducted for the town.
Town property owners should have received during the first week of July their preliminary revised assessments. During the week of July 9th through 13th, property owners can request a hearing with the assessors to learn about how their property was assessed, to review information and discuss any concerns they may have regarding their revised assessment.
Town officials stress that it is important to remember the purpose of a revaluation or statistical update is not to raise property taxes. The purpose is to assess all properties fairly and equitably throughout the municipality.
New Hampshire’s constitution requires municipalities to “value anew” assessments at least every five years. The most recent town wide statistical update in Auburn occurred in 2013. The law also requires the assessed values to reflect market values as of April 1, 2018.
Auburn hired Avitar Associates of New England to determine the updated value of Auburn’s roughly 2,500 properties.
Unlike other portions of New Hampshire, the real estate market in Auburn has continued to change and grow over the last five years. The values have increased since 2013, and this is all substantiated with recent sales that have occurred during that time frame.
The total value of all taxable properties in town is a key factor in setting the tax rate, which the NH Department of Revenue Administration does for each municipality each fall. The assessed value of a home, when measured against the tax rate, determines how much a particular property owner must pay each year.
Town officials warn residents not to measure their new assessment against the current tax rate. Although the tax rate will not be set until the fall, an increase in property valuation is often offset by a corresponding reduction in the tax rate.
It will impact the rate, but not necessarily what people receive for an actual tax bill. As assessed value increase, the tax rate should come down, assuming spending and other revenues remain constant.
Residents can schedule an informal hearing regarding their preliminary assessment between July 9th and July 13th by calling Avitar Associates at 798-3502 between 8:00 am and 4:30 pm to arrange an appointment. The meetings will be held at the Auburn Town Hall beginning July 16th through July 23rd.
It is anticipated that the revised assessments will be completed and presented to the Board of Selectmen in late August.