2023 Revaluation/Partial Statistical Update

Real estate property values were updated in 2023. Municipal Assessors are tasked with keeping property values in line with each property’s fair market value. Fluctuations in the real estate market necessitate adjustments in assessed values; the State requires assessed values to be +/- 10% of fair market values (determined by sale data). Every five years, a revaluation is required by State law. That said, if average values compared to fair market value (the equalized ratio) falls outside the 10% threshold between five-year revaluations, it is important to make a correction; this is called a partial statistical update. Barrington performed a partial statistical update in 2021. Barrington’s real estate market has continued to see limited supply and increasing demand which results in increased fair market values. In 2022, the equalized ratio was 80.2% and in 2023, the emerging ratio was 75%. The 2023 partial statistical update changed assessed values and property owners received their updated values in the second half tax bill (November 2023). It is important to keep in mind that adjusting property values does not increase revenue; it simply ensures an alignment of a property owner’s tax burden with the value of their property. Voters decide how much needs to be raised in property taxes at the March election (2023 Results: www.barrington.nh.gov/2023warrant).

Frequently Asked Questions

November 15, 2023 (Tax Bill Insert)

2023 Second Half Tax Bill Insert

September 11, 2023 (Select Board Meeting)

Video • Minutes

1. Marybeth Walker, Town Assessor – 2023 Revaluation Results – Vote
   1. At the April 17, 2023 meeting, the Select Board authorized a revaluation in 2023 as recommended by the Town’s Assessor.  The revaluation was necessary because property values (based on sale data) continue to rise.  Municipal Assessing is focused on aligning assessed values with fair market values.  Changing property values does not raise more taxes or generate additional revenue.  Revaluations ensure that each property owner shares an equitable portion of taxation relative to their property values.  Properties which are worth more money pay more taxes.
   2. Voters decide how much money is raised each year in March when they vote on the Town and School budgets.  After taking into account other revenue sources, the amount to be raised by taxes is divided by the total taxable property to determine the tax rate.  If the amount of total taxable property goes up, the tax rate will go down. 
   3. The Assessor has completed the preliminary values based on 144 qualified sales in the last year.  The total taxable property is increasing 30% as a result of the revaluation (full details in the Assessor’s memo, attached).  The tax rate will be reduced as a result. 
   4. The Assessor, Marybeth Walker, will make a brief presentation and be available for questions from the Select Board.
   5. See attached, Revaluation Memo - Preliminary Values 20230825
   6. See attached, Revaluation Sales 20230825
   7. The Select Board is asked to consider approving the revaluation.
2. Motion to approve the 2023 revaluation as presented by Selectperson Mannschreck, seconded by Selectperson Gibson. Roll Call Vote: Hardekopf: Aye, Gibson: Aye, Mannschreck: Aye, Mannschreck: Aye, Saccoccia: Aye, Cappiello: Aye. The motion passed.

July 7, 2023 (Barrington)

The Town's Assessors are beginning field work which involves visiting properties around Barrington for curbside or driveway reviews.  This process is different from the cyclical property assessments where assessors evaluate a property inside and out.  A revaluation is like painting with a broad brush stroke in order to ensure equity in property tax assessment across all residents.  If you have any questions or concerns, please contact the Assessing Office at 603-664-0184.  

April 17, 2023 (Select Board Meeting)

Video • Minutes

1. 2023 Revaluation/Partial Statistical Update – Vote
   1. At the November 7, 2022 meeting, the Select Board reviewed the need for a statistical update (revaluation) in 2023 based on the equalized ratio.  Sale values continue to rise, and it is important to keep the assessed values in line with the market value.  If Barrington’s Equalized Ratio exceeds 10% (+/-), an update would be required during the next five-year review.  It is good government and consistent with assessing best practices to keep assessed values within +/- 10% during the entire five year review cycle.  The 2023 update would be similar in timeline and scope to the 2021 statistical update.
   2. I asked the Assessor to prepare a memo for the Select Board and community in order to better understand the details and need for a statistical update in 2023.  It is important to note that the ratios included are preliminary and there remains over six months of sale data which will be incorporated into the revaluation. 
   3. See attached, 2023 Revaluation Memo
   4. See attached, Sales List for Revaluation Memo 20230412
   5. As discussed last November, the Incident Fund would be used to fund the cost of a partial statistical update.

2. Motion to authorize partial statistical update in 2023 by Selectperson Mannschreck, seconded by Vice-Chair Saccoccia. All aye. The motion passed.

November 7, 2022 (Select Board Meeting)

Video • Minutes

1. 2022 Equalized Ratio and Assessing Services – Discussion
   1. The Town’s Assessor has completed the preliminary ratio of assessed values.  The attachments below include the ratio report and a memo from the Town’s Assessor explaining what the numbers mean.
   2. See attached, Preliminary Ratio Report 2022 Barrington
   3. See attached, Emerging 2022 Assessment to Sales Ratio 20221012
   4. As advised by the Assessor, the Board needs to consider commissioning a statistical update for 2023.  This would be similar in timeline and scope to the 2021 statistical update.  Sale values have continued to rise, and it is important to keep the assessed values in line with the market value.  If Barrington’s Equalized Ratio exceeds 10% (+/-) during a full cyclical revaluation, an update would be required.  The cost for a statistical update in 2023 would be approximately $25,000 in addition to our annual assessing services.
   5. The Select Board could opt to defer a statistical update until 2024 to see if the market starts correcting and driving the equalized ratio from 80% closer to 100%.  Based on the current economy, that seems possible.  The risk would be if the housing market continues on the current trend and by 2024, we have an equalized ratio lower than 80% which would mean a much larger correction during a revaluation or statistical update.  Generally, it is easier on residents to have smaller incremental changes opposed to large jumps in assessed value. 
   6. The decision to conduct a statistical update does not need to be made until early spring of 2023.  The question before the Select Board would be whether to include funding ($25,000) in the budget to make that option available in 2023.