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Assessing, Continued |
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This Page was Last Updated
CURRENT PRESS RELEASES: NOVEMBER 2007: As of press time, the Town is still waiting for the Department of Revenue to set this year’s tax rate. Documents submitted to DRA this year show new construction and land development added $41.5M or only 1.92% to the Town’s net valuation. With little change in the net valuation the tax rate is expected to be higher than last year, as it will reflect the approved budget increases including school bond payments voted in last March. The December tax bill contains the annual tax with credits for the June payment. Tax Year 2007 Assessment Information is available in the Assessing Office, as well as, Nesmith Library. We highly recommend obtaining a copy of your “Property Record Card”, a report that contains the physical data collected and utilized to calculate your current assessment. As per State Law, assessments are based on what existed and was completed as of April 1st. Our review of property sales since our 2006 revaluation shows a downward trend in home prices. While this is not great news to property owners, it seems Windham is fairing better than other communities. Regionally home sales are sluggish, and nationally the trend reflects a struggling market. Windham is fortunate as it wasn’t severely impacted by sub-prime lending failures as were other communities. The DRA confirmed our 2006 assessment ratio was 94.7%. Recent sales indicate our 2007 ratio is now 100%. The ratio is the statistical measure for State-wide equalization. Our primary concern is assessment proportionality. This is the level of assessment as it relates to market value between taxpayers. We are keenly aware that no one wishes to pay more than their fair share. Under DRA guidelines, the Town is not required to update values until 2010. However, our office will monitor trends to see if adjustments for 2008 are necessary. We invite residents to contact our office at 434-7530 with questions, concerns or to discuss the assessment process. The Assessing Office hours of operation are Monday-Friday, 8am to 4pm. LINKS: We also offer the following as a means to aid you in better understanding the workings of the property tax process and departmental procedures:
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