Time again for island property revaluation
It is time for another property revaluation, according to Town Tax Assessor Kenneth Gray.
Gray explained that state law requires a full property appraisal every nine years, with two statistical revaluations in between, on the third and sixth years.
Assessments in 2006 and 2009 mainly involve the review of property sales and neighborhood trends. “Maybe some will change. Maybe all will stay the same. It depends,” he said.
Last week, Gray advised the Town Council that the revaluation was coming, and then he mailed bid specifications to all approved revaluation companies in the state.
The bid opening is set for tomorrow, Friday, Nov. 4, at 2 p.m. at Town Hall.
Gray said that he will then prepare a summary and analysis of the bids, probably without making a recommendation, and leaving it up to the council to choose a company.
The statistical review does not ordinarily involve property inspections, but the outcome will be subject to the same appeal process that is triggered by a full appraisal.
Gray pointed out that reviews and appeals of property valuations is an ongoing process, but has much fewer cases than immediately after any type of property revaluation.
Gray projected that the impact of any assessment changes would not be felt until the fiscal year that begins July 1, 2007.