Ward meetings planned to review Nashua property value assessmentsBy KIMBERLY HOUGHTON
Union Leader Correspondent
September 06. 2018 11:36PM
NASHUA — A series of meetings are being held throughout the city to provide homeowners with an opportunity to review their new property assessments with KRT Appraisal.
“The newly-assessed property values will vary dependent upon a variety of factors, but many residential property owners appear to be seeing an increase in property value,” said Mayor Jim Donchess.
That increase, on average, is ranging about 25 or 30 percent, according to Donchess.
KRT Appraisal, the firm hired to conduct the citywide revaluation process, is expected to complete its work by the end of next week, although it may have a better understanding of the city’s new total assessed value by Friday.
Although the city requested that the New Hampshire Department of Revenue Administration allow Nashua more time to complete a thorough, full measure and list revaluation process, Donchess said earlier that the agency denied the request for an extension, meaning the city was required to conduct a statistical revaluation process instead.
Donchess said this week that all city homeowners have now received letters notifying them of their new property assessment values, as well as details about the upcoming meetings with KRT Appraisal.
“The purpose of the meetings is to help Nashua residents understand how their properties were assessed and offer them the opportunity to review their assessments with KRT Appraisal,” he said. “They will be held in every ward.”
Prior to the revaluation, the assessed value for residential properties in Nashua was about $5.3 billion, and the commercial and industrial assessed values were about $3.2 billion. For the 2018 tax year, officials were predicting that residential property values would jump to $6.6 billion and the commercial and industrial values would increase slightly to $3.4 billion.
The city collected about $200 million in property taxes during the 2017 tax year, which consists of $124.8 million from residential properties and $75.2 million from commercial and industrial properties.
“The new tax rate will be lower, but the city can’t project the new rate at the present time,” Donchess said this week.
The new tax rate will be set by the New Hampshire Department of Revenue Administration in the coming weeks, typically in November.
In June, aldermen initially delayed voting on the proposed city budget hoping KRT Appraisal would be able to provide officials with more details on the revaluation. The board, however, adopted the new $307 million budget two weeks later after being told the revaluation process would not be complete until the end of the summer; the spending plan for fiscal year 2019 is a 1.6 percent increase over the existing budget.
The mayor has described the spending plan as tight, stressing the need to be as careful as possible with funds in an effort to mitigate or lessen the impact of possibly higher tax bills given the revaluation.
The homeowner meetings with KRT representatives continue at 6 p.m. Friday at Ledge Street Elementary School for Ward 4, 6 p.m. Wednesday at Main Dunstable Elementary School in Ward 5, 6 p.m. Sept. 14 at Fairgrounds Middle School for Ward 6 and meetings the following week for wards 7, 8 and 9.