Assessor's Public Meeting Slide Presentation - Town of Cumberland

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Assessor's Public Meeting Slide Presentation - Town of Cumberland

Town of Cumberland“How, When and Why ofRevaluation”Cumberland ForesideProperty OwnersFebruary 20, 2008Town of Cumberland Tax AssessorWilliam H. Healey Jr., CMA1


Preliminary Valuation IncreaseApproximately 519 Improved PropertiesAverage Increase for Cumberland Foreside – 35%Average Increase Town Wide – 38%What This Means in General Terms - A HomeCurrently Assessed for $300,000 Could Increase toApproximately $405,0002


Preliminary Revaluation Increases byAreaArea Description Parcel Count Average PercentageCumberland Center 2232 38%Cumberland Foreside 519 35%West Cumberland 410 53%Total Taxable Parcels 3161Total Average Percentage Increase 38%3


Frequently Asked Questions1. Why does the Town Need to do a Revaluation?Because The Town’s Assessment Ratio has Fallen to65%; Below the Minimum Ratio of 70% Establishedby the State Legislature. (MRSA: Title 36 § 327)4


Frequently Asked Questions3. Why Do a Revaluation?It is an Issue of Equity. The Further Values FallFrom Market Value (Just Value) the Greater theInequities That Exist. The Maine ConstitutionRequires That All Property Be “Apportioned andAssessed Equally According to The Just ValueThereof ”.5


Frequently Asked Questions4. But Isn’t the Real Estate Market Crumbling?Maybe in Other Parts of the Country but Not Here.Recent Information Received From the Maine RealEstate Information System Indicates that Values inMaine Actually Increased Slightly in 2007.6


Frequently Asked Questions5. What do I do if I don’t Agree with My NewAssessment?First - Ask Yourself if the Fair Market Value of YourHome is at Least as High as Your New AssessmentSecond – Review Your Assessment Data to Make Sureit’s AccurateThird – Compare Your Assessment to Others in YourAreaFourth – Schedule an Informal Hearing with the Assessor7


Myth 1What does the Town Plan on Doing with Allof the Extra Money from the Revaluation?By Statute the Town Can Only Raise What TheyVote to Appropriate. A Revaluation is RevenueNeutral and is Simply a Re-Distribution of the TaxBurden.8


Myth 2How Could my Property Value Have Increased 35% inOne Year”?It Didn’t - Your Current Assessment was Established in2002 Using Sales Data from 2001. The Real EstateMarket Witnessed Double-Digit Appreciation from 2002to 2005 and Single-Digit Appreciation in 2006 and 2007.9


Myth 3If my Assessment Increased by 35% then my TaxesWill Increase by at Least That MuchNot true. The Tax Rate Used in Calculating Your TaxBill is Determined by Dividing the Total Town, Schooland County Budgets by the Town’s Total TaxableValuation. When the Total Taxable ValuationIncreases the Tax Rate Decreases.10


How to Appeal Your Assessment11


The Appeals ProcessIf You Find That After Reviewing Your AssessmentAnd Meeting Informally with the Assessor That Youare Still Unsatisfied with Your Valuation, Once YourReceive Your Tax Bill You Can File a WrittenRequest for Abatement to the Assessor Within 185Days of the Date of Commitment. In the Past thisDeadline Has Been Around March 2 nd .12


The Appeals ProcessIf Your Abatement Request is Denied by theAssessor, Within 60 Days of the Denial You CanMake an Appeal of the Assessor’s Decision to theCumberland Board of Assessment Review.13


Appeals Process TimelineMay & June 2008 – Scheduled Informal MeetingsAugust 14, 2008 - Tax Commitment and End ofInformal Meeting PhaseAugust 14, 2008 to February 15, 2009 - Formal AppealPhase Requiring Written Application for AbatementAppeal of Assessor’s Decision – To Cumberland Boardof Assessment Review Within 60 Days of NotificationAppeal of Board of Assessment Review’s Decision – ToSuperior Court Within 30 Days of Notification14

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