OK,here's the skinny.I met with the town assessor,Jim Commerford and here's how he explained my 30% tax increase.The town is divided by streets and neighborhoods of roughly the same value.He said that one or two sales above assessed value do not affect that area,but,if they see a pattern....in my case there were 4 or 5 houses sold that averaged 30% above assessed value,so they bumped us.If properties sold for less,it is possible that people on that street would experience a decrease........although I wouldn't be waiting for that.
For example ,if a house sold for 300k that was assessed at 250k,that is a 20% increase and their goal is to have everyone taxed at 100%
So,if this year,three or four more houses sell in my street for 30% above assessed value,they could bump me another 30% next year as well......and on and on. He said that was highly unlikely but possible.
Not much any of us can do.Only recourse is to pay for an appraisal and go before the selectmen and that won't do any good because they follow the same formula as the assessor.
I understand the process but I'm troubled that they can raise taxes as often as they want and by any amount that is justified by their formula.If the real estate market makes a recovery, the sky's the limit.
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