SANDOWN – The town’s statistical revaluation has been completed and reviewed and at their Aug. 26 meeting, the board of selectmen signed off on the process. Representation from Vision Government Solutions, which performed the update, and town assessor Municipal Resources Incorporated (MRI), which reviewed it, met with the selectmen Monday to update them on the results of the assessment and its audit.
The board contracted with Vision last September, and the work was begun in March. The work performed is called a statistical revaluation, a less involved and expensive process than a full list and measure revaluation, last performed in 2008. The statistical process assumes that property data is still good and takes about two years of home sales to realign home values. A full list and measure process involves visiting every parcel in town.
The sum of $38,400 was included in the recently approved budget to pay for the project. When the full revaluation was last done, it cost $165,000, but since then MRI has been reviewing a quarter of the town each year. It is already on the payroll for the town and the work it did in the last four years to keep property cards up to date has saved a lot of time and effort this time around.
Town assessor Scott Marsh told the board that after much review and field inspection of Vision’s update, his company was satisfied with the results.
Only 33 property owners came in for hearings on their new property values, just slightly over 1 percent of property owners in town. There are about 2,800 taxable properties in Sandown.
Marsh said the small turnout was also indication of a good assessment. The overall value of the town was reduced by just over $104 million, or about 16 percent. The current value of all property in town is assessed at $525,880,700.
Paul McKenney of Vision explained that during the assessment, 99 sales across town over the past two years were reviewed, with 93 of those residential properties, eight condos and a single piece of virgin land. The new assessment puts the town at 97 percent, down from 114 percent.