City's five-year property revaluation process under way

ROCHESTER - The City of Rochester's Assessing Department has begun work on a full statistical revaluation of all real property with an effective date of April 1.

The last municipal-wide revaluation was completed with an effective date of April 1, 2019. New Hampshire's State Constitution requires revaluation at least once every 5 years.

The department will complete a city-wide revaluation, based on extensive studies and analysis, to value all properties for the 2024 tax year. The goal of this valuation update is to make sure that current assessments are close to 100 percent of full, fair market value as suggested by the New Hampshire Assessing Standards Board and the State of New Hampshire Department of Revenue. Citywide assessments will be adjusted to account for the increasing real estate market.

Properties in Rochester are selling for historically high amounts. In 2022, Rochester's median sales ratio was calculated to be 64.3 percent and is estimated to fall to 59. percent for the 2023 tax year.

The new revaluation property assessments are estimated to be published after September but prior to the second issue of 2024 tax bills in December. The 2024 tax rate is usually established by the New Hampshire Department of Revenue in late fall.

The city urges residents to not use the current tax rate to estimate their taxes. An increase in property value does not necessarily mean an increase in your property tax bill.

Please note that the new assessments will not reflect any exemptions and/or credits but will include current use assessment valuations. As in the past, adjustments for exemption(s) and/or credit(s) will be applied to the tax bills of qualifying property owners.

Any property owner who believes their new assessment exceeds fair market value or is disproportionately assessed may file an abatement in accordance with RSA 76:16 after receiving their second issue 2024 tax bill but no later than March 1, 2025.