News Story: Assessments - Are they Relative to Market Value?

Gilbert "Skip" Kemp, assessor for the Town of Sangerfield spoke about assessments and their relation to market value at the Waterville First Thursday meeting held at the Waterville Historical Society on November 1st.

Skip explained that assessment doesn't equal market value. Assessment is determined on 2/3 value of interior and 1/3 value of exterior. Assessors usually only see the exterior unless a home has been on the market and pictures are posted online.

Equalization rates (EQ) are the level assessment values are based on, determined by sales, and sales tell us what the market rate is.

Equalization rate for Town of Marshall is 66% and 59% for Sangerfield. Your assessd value from your tax bill, divided by the EQ rate, will give you the market value Skip stated.

Skip stressed that seniors should apply for Enhanced Star when they turn 64 so it's in place the year they are eligible. Many wait until 65 to apply and thus lose a year of eligibility for the bigger tax reduction.

In closing Skip stated this area is very stable for values. We thank Skip for shedding light on this topic.

Posted November 18th, 2018 at 4:47am