Ed. Note: Selectmen's Secretary Elaine Moore asked that I share the following note about our real estate tax assessment update. For some reason I cannot get both paragraphs to print at the same size. Computers @#*!!#@ CCB
The Town of Walpole has contracted with Avitar Associates of New England, LLC to perform an update of assessment values for all properties in town. The reason for the update is per the Department of Revenue guidelines that require that towns must maintain an equalization ratio between 90% – 110%. The equalization ratio illustrates the relationship between assessed value and sale prices. Currently, the equalization ratio in the Town of Walpole is 70%. In short, what that means is the assessments are 70% of market value. The goal of the update is to bring assessments back to 100% of market value.
In the next few months, sales in the town will be reviewed and analyzed which will result in updated base rates for land and buildings. Shortly thereafter, preliminary notices will be sent to all owners with the new assessed value. Contained within the letter will be dates and times for owners to call in the event they would like to make an appointment to speak with an assessor. This process will be complete in time for the 2nd tax bill of 2007. Please keep in mind, if all other factors remain constant, an increase in assessed value should result in a decrease in the tax rate. At no point in time should anyone use the new value with the current tax rate to determine their taxes. Upon completion, the revised assessments are submitted to the state, in addition to the information previously received in regards to the approved town and school budget to determine the final tax rate for 2007. For those who remember the 2003 revaluation, the process will be similar. Elaine Moore 765-3672
