Untitled - Town of Windham

TOWN ASSESSORThe decline in real estate prices seems to be leveling off and, hopefully, we have seen the bottom.New construction and additions are up considerably over previous years, which will work towardsstabilizing our tax rate. * (Town of Windham Assessors Report, 1992.)Even twenty years later, it seems the cycle is similar. Prices rise, fall and rise again. We strive for astable tax rate. Sales this year indicated the average sale price was $400,000 for a single family home and$160,000 for a residential building lot, both up slightly from 2011. New construction, especially inhigher end homes is encouraging. Windham is continuing to attract home buyers and investors with itshighly rated school system and convenient location. New development adds taxable value and helpsspread out the tax burden. So it is with cautious optimism that we will see better times in 2013.Windham now has 5,848 taxable parcels. The tax base is comprised of 93% residential value, 7%commercial/industrial value and remainder taxable public utility property. Out of the total 15,589 acresof land area, we estimate 2,550 acres remain for additional development. Of this, 543 acres are zoned forcommercial development considered a lesser tax impact and preferred to residential for broadening thetax base. Windham, however, may have to wait until the I-93 and Route 111 construction is complete toattract substantial commercial development.The Department of Revenue calculated our 2011 assessment ratio at 98.7%. The “ratio” is a statisticalmeasure for State-wide equalization and abatement consideration; showing the level of assessment as itrelates to market value. Our office reviewed 261 property transfers and verified 167 sales that could beused in the sale ratio analysis. We also tracked 18 additional foreclosures with 23 re-sale transactionsfrom banks. While bank/distressed sales are not used in the DRA ratio study, it is apparent they have animpact on the real estate market.Property data, sales and assessment information may be accessed at the Town Hall, or on the Town website WindhamNewHampshire.com. Residents are advised to obtain and review their assessmentinformation on an annual basis. Corrections may be made at any time; though we prefer to make thembefore you receive a tax bill. Our efforts are in conformance with the recommendations of theDepartment of Revenue and the Board of Tax and Land Appeals.Tax Credits and exemptions available by State Law are offered to all eligible residents. QualifiedVeterans, elderly, disabled, or blind taxpayers, and for improvements to assist persons with disabilities.Interested persons should inquire in the assessing office to see if they qualify. In 2012, the Town had 457homeowners qualify for Veteran’s credit and 91 residents receiving exemptions.Property owners with their land in Current Use enjoyed significant tax savings this year. This categoryencourages the preservation of large tracts of open land. The program does have a cost however;taxpayers who develop land that is in Current Use must pay a one-time penalty tax, which is 10% of theland market value. Owners with vacant parcels over 10 acres should contact the Assessing Departmentfor more information on this program.Respectfully submitted,Rex Norman, Town Assessor2012 ANNUAL REPORTS 97 TOWN OF WINDHAM, NH