2020 Assessed Valuation Update
The enclosed tax bill reflects your new property assessment as of April 1, 2020. The Town of Albany has recently completed a statistical update, or revaluation, of all properties within the town, as required by the State of New Hampshire. The New Hampshire Constitution requires that property assessments must be “taken anew once in every five years” (Section 2, Article 6). The NH Assessing Standards Board has reinforced this rule by requiring that the assessments are essentially at market value (RSA 75:1) at these five year intervals.
The revaluation process involved reviewing and analyzing all valid sale properties occurring over the past few years. Other market information such as current listings was also reviewed. Building cost tables were updated along with identifying value changes in the market such as neighborhoods, roads, building size and utility, and amenities such as views and water frontage. Finally, the town’s assessing system was recalibrated to bring all assessments closer to market value. This process, along with the town’s reinspection program, will continue into the future as it is the most consistent way to maintain equity in the property tax system.
After a number of flat years, the Albany real estate market has improved considerably over the past two years and continues to be extremely strong. Market preferences often emerge gradually, showing favor for different types of properties, locations, or styles of building, while reflecting lesser desirability for other property characteristics. Construction costs are ever-increasing. Location, topography, setting, and views are always very important. We continue to monitor the short-term vacation rental phenomenon and its influence on market value. Low supply and high demand are the current market theme and continue to elevate sale prices. Due to various market factors, values of individual properties have appreciated or depreciated at different rates.
Your new tax bill is based on the new property assessments and the new tax rate. Please keep in mind that changes in the town, school, county, and state budget are usually the largest factors influencing your property’s tax bill from year to year. If you feel the assessed value of your property is not accurate or have questions about the revaluation you may make an appointment to have an appraiser contact you by phone on Thursday, December 10. To make an appointment, please call the town office at 603-447-6038.
Please understand that any disagreement you have with your assessment does not relieve you from paying the tax bill enclosed. The tax bill is due by the date printed on the bill to avoid any interest or penalties. While we hope to expedite the review process, any refunds or abatements necessary will not occur until after the bill is due.
A list of all property assessments are available at the town office and will be available on town’s website, shortly: www.albanynh.org
Northtown Associates and
Albany Board of Selectmen