Why did the revaluation change the assessed value of my property so much in six months? (11/18/2023)

The change occurred over two years, not six months.  The 2023 revaluation was an update in values from April of 2021 (www.barrington.nh.gov/2021reval).  Property values change gradually over time and assessed value (for property tax purposes) is a snapshot in time (April 1st).  Assessors measure the changing property values in general using what is called an equalized ratio which compares the sale price with the assessed value.  In 2022, the equalized ratio was 80% and in early 2023 it was 75%.  This gradual change (and gap between assessed value and fair market value) necessitated a town-wide update in values (a revaluation) in 2023.

It may seem like values changed in six months because assessed values remain constant in between revaluations.  The assessed value used as the basis for the first half 2023 tax bill was the 2021 value (with any changes from renovations/additions/demolitions).  State law requires revaluations to be completed by October 1st so that values can be updated for the second half tax bill.