BEDFORD — The town’s overall assessed valuation of properties has topped $4 billion.
Vision Government Solutions recently completed its statistical update valuation for all properties in Bedford for tax year 2019, which resulted in a $270 million increase from 2017.
“So, if my math is correct, that puts the town of Bedford’s total valuation just over $4 billion for the first time ever ... which again is a really great thing for this community,” said Rick Sawyer, town manager.
William Ingalls, the town assessor, reminded residents not to use the current tax rate to determine their upcoming tax bills.
“The tax rate should go down from the update, but exactly how much we won’t know until all town and school budgets are in and all revenues tallied,” said Ingalls.
Ingalls said the real estate market in Bedford has continued to be strong throughout the past two years. Last week, there were 53 homes for sale in Bedford that were not currently under contract.
“These are the fewest number of homes that I have seen to date,” said Ingalls. And, despite the recent townwide revaluation, he said properties have already increased in value since April 1.
About 280 property owners filed abatements, which is about 3.4 percent, said Ingalls — significantly less than the estimated 7 percent of property owners who filed abatements in 2017 because of concerns with their assessed values.
The new revaluation increased single-family home assessments by about 8 percent, with residential condominiums, two-family homes and three-family homes also increasing by about 8 percent. Commercial property values increased about six percent, with industrial properties increasing about 1 percent.
With the new assessments in place, properties are now at about 97 percent of market value based on a comparison with recent sales data, Ingalls said.
He is already predicting that future townwide revaluations will likely need to take place in 2021, 2023 and 2025.
“Demand, especially combined with a lower inventory of properties for sale, is a big factor in the overall strength of the market. Inventory continues to reduce year after year,” Ingalls told the town council last week.