Concord taxpayers should keep an eye on their mailboxes toward the end of this month.
Long-awaited property values as a result of the citywide revaluation are expected to hit the mail on June 22, according to the city assessor, Jonathan Rice.
These new assessments are preliminary, and anyone who thinks the value of their property was determined incorrectly can appeal it with a hearing. The window to request one is June 29 to July 22, though this is subject to change. Instructions for how to do so will be listed on the notice, and remote hearings are an option.
Notably, the estimated tax rate just approved by the Concord City Council and the tax rate in place now will not be applied to these new values. A new tax rate based on the updated assessment will be announced in the fall. The rate is expected to decline, though homeowners’ tax bills are not. With Concord school and city budgets approved, a home worth $400,000 was already expected to pay an increase of about $1,000 next year. That number could grow.
Residential property owners, especially those in lower-cost types, are expected to take on more of the tax burden as a result of this assessment, because their home values are rising the fastest, per the assessor.
“Because the residential real estate market has been substantially more active than the commercial/industrial market, it is anticipated that the longstanding trend of residential property owners assuming a greater share of the overall tax burden relative to commercial/industrial properties will continue following revaluation,” Rice wrote in a report to the City Council.
How much each taxpayer’s bill will increase, however, can’t be known until the new tax rate is set.
Anyone challenging their assessment should bring notes and documentation to a hearing about what they feel was recorded inaccurately: a foundation crack that wasn’t acknowledged, a basement that evaluators wrote down as finished but actually is unfinished, or the number of bedrooms or bathrooms that was miscounted.
All property valuations and tax bills are public records, meaning renters can see how the value of their landlord’s property will change. Rice said a search function will be added through the website, www.concordnh.gov/citywiderevaluation.
Renters needing assistance accessing these records can contact the city’s Public Information Officer Stefanie Breton at 603-230-4940.
