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jeffk · 08-28-2007, 10:54 PM

Moultonborough just did an reassessment and my value dropped by 5% since the valuation done 3 years ago.

You could make an argument that the value paid for a house purchased should be the new assessed value however valuations are done by plugging information into a complex formulation provided by the companies that do these evaluations. Since everyone is plugged into the same formulas it makes it "fair". Valuations don't necessarily match sales prices although they should be in the ballpark. Recent sales prices are included in the formulas. I'm not sure how towns handle sales and property value. Maybe the low price you paid was because the seller was desperate? When the next reevaluation was done you would get plugged into the formulas no matter what price you paid.
Why shouldn't you when you buy?

I'm not sure what luck you would have challenging a single assessment if the town is not doing a general reevaluation and without a recent sale. If everyone is being valued by the same formulas, even if those formulas are not completely up to date, they would consider that everyone is getting the same, and therefore "fair", treatment. The state pushes for frequent revaluations to deal with property value changes.

08-28-2007, 10:54 PM	#91
jeffk Senior Member Join Date: Feb 2004 Location: Center Harbor Posts: 1,170 Thanks: 205 Thanked 434 Times in 251 Posts	Yes Moultonborough just did an reassessment and my value dropped by 5% since the valuation done 3 years ago. You could make an argument that the value paid for a house purchased should be the new assessed value however valuations are done by plugging information into a complex formulation provided by the companies that do these evaluations. Since everyone is plugged into the same formulas it makes it "fair". Valuations don't necessarily match sales prices although they should be in the ballpark. Recent sales prices are included in the formulas. I'm not sure how towns handle sales and property value. Maybe the low price you paid was because the seller was desperate? When the next reevaluation was done you would get plugged into the formulas no matter what price you paid. Why shouldn't you when you buy? I'm not sure what luck you would have challenging a single assessment if the town is not doing a general reevaluation and without a recent sale. If everyone is being valued by the same formulas, even if those formulas are not completely up to date, they would consider that everyone is getting the same, and therefore "fair", treatment. The state pushes for frequent revaluations to deal with property value changes.