New Assessment - Yikes

[Winilyme]

Got our updated property assessment today (preliminary I guess until November but it won't change). Meredith's total town taxable value increased 17.8% since the last update in 2017. Our Winni waterfront increased nearly 22% and I'm betting the vast percentage of that can be chalked up to the real estate market over the last 18 months.

Just another metric confirming what we are seeing with real estate demand here.

If the market hasn't yet peaked then I guess I'll be happy I got the new assessment now. If it has peaked - well that would just be bad timing.

[Descant]

We see this thread almost every year. A higher assessment does not necessarily mean higher taxes.

[Winilyme]

Originally Posted by Descant

We see this thread almost every year. A higher assessment does not necessarily mean higher taxes.

True...but it opens the door wider for that possibility. I was struck, but I guess not wholly surprised, by the 22% as opposed to the 10% increase four years ago.

[codeman671]

We just went up 24% on Bear Island.

I will say that island prices have gone out of control in the last month though. I keep a close watch on the market and cant believe what some of this stuff is closing for.

[WinnisquamZ]

I do believe most understand a higher assessment does not mean higher taxes here in NH. Not yet, but one thing to consider is insurance costs. Most insurance policies have a fixed replacement costs and at today’s build rates you may want to ask for an increase


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[Biggd]

Originally Posted by WinnisquamZ

I do believe most understand a higher assessment does not mean higher taxes here in NH. Not yet, but one thing to consider is insurance costs. Most insurance policies have a fixed replacement costs and at today’s build rates you may want to ask for an increase


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I fully expect my taxes to go up but hopefully not at the same 18% as my assessment.

[LIforrelaxin]

Folks, assessments around the lake are going up and that just is what it is... All the towns around the lake want to lower there tax rates.... so that things look good for potential buyers....

Unfortunately what I keep seeing more and more, is that real estate agents who are out for themselves, see the evaluation rates going up, and try and convince clients, that those are the prices that need to be paid or asked for....
That way the can collect more commission.

Its a vicious cycle really... eventually everything will go bust, the real estate market will crash, our evaluations will start to go down, the tax rates will start to go back up, and we will start the cycle all over again.....

It just is what it is.... Right now I think about my taxes like this....

A night in a nice hotel == $200 so arrive on Friday, leave on sunday $400 per weekend.......

I try to be up at least 2 weekends a months from April - Oct. so 7 months = 14 weekends X $400 = $5600

With my place in Moultoborugh my taxes are less than that, I am on the water, with a Dock for my boat.... I think I am doing quite alright....