City's revaluations team will begin field assessments in June

ROCHESTER - As part of the 2024 Full Statistical Revaluation for the City of Rochester, the City has contracted with Corcoran Consulting Associates to assist the Assessing Department.

Beginning the first week of June, there will be a presence of Municipal Assessing Vehicles as well as vehicles from Corcoran Consulting Associates conducting both sales inspections and field reviews. Individuals conducting these will either have identification from the City of Rochester or Corcoran Consulting Associates on themselves and their respective vehicles.

The city assessor's office first announced the plan to have full statistical revaluations in March.

The last municipal-wide revaluation was completed with an effective date of April 1, 2019. New Hampshire's State Constitution requires values anew, 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 59.0 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.

City officials are urging residents to not use the current tax rate to estimate their property taxes, since an increase in property value does not necessarily mean an increase in property tax bills.

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