Assessment Increases and the Relationship to Your Property Taxes

Reassessments are again underway after being put on hold due to the pandemic and homeowners are concerned that their property taxes could also go up.

But that’s not necessarily the case.  

If your property assessment is changing in most towns, you will likely receive an impact notice from your town's assessor in March. It may be earlier in other towns. The change could be due to a complete revaluation of an assessment unit, adjustments for certain types of residences due to trends in the market, or additions/deletions of buildings. Read more on this

What a property owner pays in property taxes is ultimately based on the budgets of the schools and municipalities.  

• Tax rates for each budget is based on the net worth of the city.
• In a perfect world, as the city or town's net worth goes up the tax rates would go down.
• Unfortunately we do not live in a perfect world.  The 2% tax cap was supposed to help prevent any large increases in the amount of taxes a property owner would pay. However, municipalities, especially schools, have learned how to circumvent the 2% cap and take advantage of the increase of their town's net worth.  
• On average, many property owners should not see a substantial increase in their taxes when there are reassessments, but for those who are further outside the average could see a significant increase or decrease.

What can you do?

The argument should begin with the municipalities and schools when they plan their budgets for the current year. Instead of complaining after the fact, people can form (watchdog) groups that go to budget planning meetings, and it could help reduce wasteful spending.  Otherwise, the property owners will need to learn how to grieve their assessments.

• If you disagree with the new assessment, make an appointment with your assessor right away to discuss why it went up.
• If no satisfaction is gained at the meeting, follow the grieving process we have outlined on our website.
• Remember, if your assessment increases, this does not necessarily mean that your taxes will go up.
• We have lots of resources on our website to help you in this process.

Read more