OTISFIELD – Assessor Michael O’Donnell told selectmen at a workshop Wednesday that the town’s revaluation is nearly done.
He hopes to send letters to residents soon informing them of their new property assessments and estimating their taxes for next year.
O’Donnell said the revaluation would result in a “significant tax shift,” partly because the town’s last revaluation was 10 years ago.
“This is going to be very difficult for the people who’ve had very favorable values over the last few years,” he said.
“If you happen to have a high value property, this is going to be very painful, but last year you had very favorable treatment,” he added.
Selectman Mark Cyr commented that with property values going up, people assume their taxes will also go up. He said that people should also take into consideration the amount the town is spending and the total valuation of the town, which determine the tax rate.
O’Donnell has finished most of the town, although he has not yet done the summer homes.
He devised 10 tax tables for the town, and he anticipates that properties will be spread out over all 10 once the summer homes have been revalued. He places each property in one of the tables based on value-based criteria such as location, amenities and size.
“I’m reasonably comfortable with these numbers,” he said of the tables. “I reserve the right to change them a little bit right down to the last minute because you can always make them a little better.”
Part of those changes will be the result of hearings with taxpayers. O’Donnell and selectmen plan to hold hearings during the second week of June.
Assessors from John E. O’Donnell Associates will be available to discuss assessments with property owners during that time.
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