NEWMARKET ASSESSING
DEPARTMENT
ANNUAL REPORT - 2006
During the past year of 2006 the Town of Newmarket has experienced little growth. The number of new units is down and the real estate market can best be described as “Flat”. Some values have held their own while others have suffered. In Rockingham County, the number of sale transactions fell approximately 25% yet the average sale price remained near the same as that of the previous year of 2005. I believe this trend may continue for at least a few months, however should the economy remain strong and interest rates low we should see a slow and steady rebound in the real estate sector.
CERTIFICATION : The Town of Newmarket has passed its 5 year audit for tax year 2005. The audit or “Assessment Report” can be viewed on line at the State Dept. Revenue web site: www.revenue.nh.gov/propertytax/index.htm click on Assessement Report. For those interested in other statistics comparing Newmarket with other communities can also be viewed at this site. For those not having computers, you can obtain a paper copy of our Assessment Audit Report at the Assessor’s Office.
VERIFICATION : For State Certification purposes, the Assessor’s Office plans to visit all properties at least once every five years. The office is committed to 100% accuracy of our records. Although a difficult task, we feel that this verification process goes a long way towards achieving this goal. During this year, we hope to visit another 20% of our base properties.
REVALUATION : The State is also requiring that assessments be revised at least once every five years to reflect fair market value. As taxpayers know, the Assessor’s Office has taken a proactive approach to prepare for our next certification audit. During the past few years, certain revisions have been made in preparation of this certification. These revisions minimize the impact of any final revaluation. Depending on our market assessment there is the possibility of some adjustments to land values for the tax year 2007.
EQUITY : State statutes require that the Assessor review the assessment rolls every year to ensure equity. All properties should be proportionately assessed so that no individual pays any more or less than their share of the tax burden. As a result, the Assessor may adjust values of different types, classes or properties when significant differences exist.
ASSESSMENT RATIO : As of April 2006, properties were assessed at approximately 86% of their fair market value, as a matter of reference, our ratio last year (2005) was 87%.
TAX RATE : The year 2006 tax rate was $20.49 per thousand of assessed value.
The 2006 tax rate had a slight increase of 10 cents per thousand of assessed value from that of last year.
ABATEMENT REQUIREMENTS : Legally, a taxpayer can challenge the assessment each year and has until March 1 st following the final tax bill to challenge in writing or, preferably, file an official abatement form (available at the Tax Collector’s Office). Requirements are explained on the form.
EXEMPTIONS : Property owners may be eligible for certain exemptions on their property. If you are elderly, disabled, blind, a veteran, veteran’s widow or unable to pay taxes due to poverty or other good cause, you may be eligible for tax exemption, credit, abatement or deferral. For details and application information, contact the Assessing Office at 659-3073. Criteria for all exemptions and credits can be viewed on our Town website www.newmarketnh.gov - see Assessing Department link.
PUBLIC RELATIONS : Any taxpayer having assessment questions may contact the Assessing Administrative Assistant, Debbie Mccain, the Town Clerk’s Office. Taxpayers wishing to see the Assessor can make appointments through the Administrative Assistant at 659-3073, ext. 106, or email dmccain@newmarket.gov.Also taxpayers may view their assessment “online” through the Internet by accessing www.visionappraisal.com ., link onto “online data base” then choose NH then Newmarket. Please keep in mind that values are only periodically updated.
TRIVIA : Effect on Tax Rate
~ Approximately $700,000 of additional expenditures will raise the tax rate
approximately $1.00 per thousand.
~ Approximately 35 million of additional assessed value would reduce the tax rate by
$1.00.
~ Taxpayers, on average, pay taxes based on approximately 2.0% of their fair market
value.
For example, $100,000 property = $2,000 in taxes on average
$200,000 property = $4,000, etc.
Respectfully Submitted,
Andy Blais, Assessor
Town of NewMarket
FREQUENTLY ASKED QUESTIONS
What is revaluation? A revaluation is the process of conducting the data collection and market analysis necessary to equalize the values of all property within a municipality for the purpose of a fair distribution of the tax burden.
Why is a Revaluation needed? For approximately 10 years, New Hampshire cities and towns have continued to grow. Since an increase in population translates into an increase in the demand for housing and other municipal services, such as schools, police, fire, waste disposal, snow removal, etc., it is essential that property values be kept correct.
What is market value and who determines my property value? Market value is determined by people, by the activity in the real estate market, and the general economy. The value of your property is based on an analysis of the entire market for the full calendar year before the completion of the revaluation project. The market can generally be defined as you, the person who sold the property to you, and the person willing to buy it from you.
It is the Assessor’s job to research and analyze the values in any particular neighborhood. In effect, he does what you would do to determine the selling price when putting your property up for sale. The Assessor has specific guidelines to follow. Factors that are examined on each property are: location, size, quality of construction, age of improvements, topography, utilities, zoning restrictions, etc.
What happens during a Revaluation? At revaluation, a physical inspection of both the interior and exterior of each property is conducted, where building dimensions and characteristics are noted. This is the data collection phase of the project. The collection phase is an ongoing process.
The Assessor then studies the sales and determines where the actual increases and decreases in value are occurring. This study of recent property sales allows comparisons to be made. The Assessor then establishes parameters to estimate value of property that has not been sold. The Assessor then reviews this data and applies the determining factors of the sales analysis to come up with a value of each property.
Will an assessment update increase taxes? Although a revaluation may result in an increase of nearly each individual assessment, it does not mean that all property taxes will increase. You may be saying “SURE!” but remember assessments are only the base that is used to determine the tax burden. The tax burden is the amount that the municipality must raise to operate local government and support the many services each of us has come to expect, such as school, police, fire protection, etc. If the same amount of money is to be raised after the revaluation as the previous year, and each assessment doubles, the tax rate would merely be cut in half.
How will I know if my assessment is equitable? There are two very good methods of determining this. First, compare your property to similar properties that sold in the previous year. Your value should be in line with these sale prices. Second, if no recent sales are available, compare your assessment to other similar properties in your area using the street listing of values available in the Assessment Office. Your value should be comparable to similar properties. Remember, very few properties are exactly alike. Your value should be in line, but it seldom will be exactly the same as what seems to be a similar property.
When will the revaluation take place? The Town currently reviews the real estate market annually. If warranted, the Assessor’s Office makes adjustments. Revisions can be applied to a few, or to all, properties depending on the circumstances. These yearly revisions tend to maintain equity in the system thereby eliminating the need for a full and costly revaluation, as was the practice in the past.
CRITERIA FOR EXEMPTIONS & CREDITS
ELDERLY EXEMPTION CRITERIA
TO QUALIFY:
~ Taxpayer must be at least 65 years of age on or before April 1.
~ A new Hampshire resident for at least three (3) years.
~ Own the real estate individually or jointly; or, if the real estate is owned by
taxpayer’s spouse, they must have been married for at least five (5) years.
~ Net income cannot exceed:
$35,000 for single person, including social security payments
$50,000 for married person, combined income including social security
payments
~ Net assets cannot exceed $110,000 (excluding value of taxpayer’s residence).
The PA-29 form (available at the Town Clerk/Tax Collector Office) must be completed. You must attach copies of most recent Federal Income Tax Return (if one was filed) and State Interest & Dividends Tax Forms. Applications are due April 15 preceding tax bill.
You will receive confirmation from the Assessor’s Office prior to the next tax billing.
If approved: Age 65 – 74 Exemption = $ 80,000
Age 75 – 79 Exemption = $ 100,000
Age 80+ Exemption = $120,000
DISABLED CRITERIA (RSA 72:37 B & C)
Same qualifications as for the elderly (above), with the exception of the age requirement. Disabled homeowners, regardless of age, may apply for the disabled credit. Also, proof of 100% disability must be provided through Social Security Administration.
If approved: Exemption = $70,000
BLIND CRITERIA (RSA 72:37)
A legal resident property owner who has been determined to be blind by the State of New Hampshire Bureau of Vocational Rehabilitation may file for a $20,000 exemption from their assessment. (Applications available at Town Clerk/Tax Collector Office)
VETERAN’S CREDIT (RSA 72:28)
Standard credit = $500 reduction from total tax bill.
Total service connected disability = $1,200 reduction from total tax bill.
Service disability requiring special adapted homestead = tax exempt.
Must be a New Hampshire property owner for one year. Must have served not less than 90 days in armed forces in any qualifying war, and honorably discharged.
Qualifying conflicts = World War II, Korean, Vietnam or any conflict that has occurred since May 8, 1975, in which veteran earned an armed forces expeditionary medal or theater of operations service medal.
Note: Surviving spouse of any qualified veteran inherits veteran benefit until remarriage.
The PA-29 Form must be completed (available at Town Clerk/Tax Collector Office). Applications are due April 15 preceding tax bill.
RENEWABLE ENERGY TAX EXEMPTIONS:
Wood – Solar - Wind
Definition of Energy System includes entire system, and not just one or two components. The system must replace or supplement an energy utility of the household. See attached Definition.
Who Can Apply : The exemption, unless restricted, is open for all property owners, which includes residential, commercial, industrial, etc.
Deadline for Application: Same as for all other exemptions and credits, which is on or before April 15 of the applicable tax year.
Where to Apply : Applications are available at the Tax Collector’s Office, along with a description of exemption and criteria needed.
Exemption Amount:
A) The exempt amount should be based on 100% of the cost of the energy
system, which includes the components and cost of installation.
B) Effective date would be the following April 1, which coincidentally, is the
annual appraisal date for all changes in assessments.
Internet Value Search: Internet access to all assessed properties
www.visionappraisal.com link on line database, Newmarket NH.
(Note: Google Map link, it will enable user to get a satellite view of their property.)
Newmarket Town Ordinances re. Renewable Energy Tax Exemptions:
Wind Power Exemption
Solar Power Exemption
Wood Power Exemption
|
