In accordance with New Hampshire state law, the City of Rochester’s Assessing Department has begun work on a Full Statistical Revaluation* of all real property with an effective date of April 1, 2019. All current and relevant market data will be properly analyzed in an effort to capture changes in property value. The goal is to equitably appraise all real property to its full and fair market value** as of the effective date.
The last municipal-wide Revaluation was completed with an effective date of April 1, 2014. New Hampshire’s State Constitution (Part 2, Article 6) requires values anew, at least, once every 5-years.
The new Revaluation property assessments will be published shortly before second issue 2019 tax bills (November/December 2019). Any property owner who believes their new assessment exceeds fair market value or is disproportionately assessed may file an abatement in accordance with RSA 76:16 after receiving their second issue 2019 tax bill but no later than March 1, 2020.
Please note that the new assessments will not reflect any exemptions and/or credits but will include current use assessment valuations. As in the past, adjustments for exemption(s) and/or credit(s) will be applied to the tax bills of qualifying property owners.
Thank you for your patience and cooperation throughout this important process.
-The Rochester Assessing Department Team
*Full Statistical Revaluation means the process of a revaluation of all taxable and nontaxable properties in a Municipality, using existing property data and establishing a new base year, to arrive at full and true values as of April 1.
**Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
- Buyer and seller are typically motivated;
- Both parties are well informed or well advised, and acting in what they consider their best interest;
- A reasonable time is allowed for exposure in the open market;
- Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and
- The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.