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We complete professional tax abatement appraisals!

The filing deadline for tax abatement filings in in less than 3 weeks.  This is most likley the “last call” for tax abatement appraisals.  Here is a review:

 

Several communities have recently completed re-assessments that have left many people wondering how they can abate (reduce) their taxes.  Even if your city or town has not completed a “re-val” you can question the assessment by a process called tax abatement.  MOST towns actually with work with you if you can provide (often by a professional appraisal) some support for your claim of being over-assessed.  Some towns are not so eager.

One key point to remember is that the value you claim (your opinion) my best lower than the equaluzed assessment.  What does that mean?   I will answer by example.  Lets say your town has an equalization ration of 110%.  That means that the average property in town is assessed at 110 percent of market value.  So long as everyone is over assessed by 10 percent, that is ok, as in theory the tax rate would be reduced by 10 percent.  Lets say your house is truly worth $300,000, but it is assessed for $330,000. Using my 110% example, you would not have a case since your property is assessed at 110 percent of market value which is the town standard.   If after doing this calculation you feel the property is over assessed, here is the process.

 

taxes-z

In all New Hampshire communities, all assessments are paid on the market value of the property on April 1st of the tax year.  Therefore, for the 2017 tax bill, the assessment must reflect the “equalized” value of the property as of April 1, 2017.

Since prices/values can decrease and increase over the years, the state allows assessment to be higher or lower than market value provided that they are equitably assessed.  What does this mean?   Let’s say you live in Manchester NH and the average assessment is 110 percent of market value (example only) and your property is 10 percent over assessed.  In this case you are equally assessed (or equally over-assessed) and have no case for abatement.

 

How do you file an abatement?

Step One:  Obtain a copy of the tax assessment card from your community.  If the full card is not available online, I suggest you go to the town and obtain the full card which has the most detail.

 

Step Two:  Carefully review the card to accuracy.  Note the assessor’s ratings with regards to condition and quality.

 

Step Three:  Research comparable sales, enlist the assistance of a realtor friend or hire a professional appraiser.  If hiring an appraiser, select one that has experience in this type of assignment.

 

Step Four:   Complete the State of New Hampshire Tax Abatement Form.  Here is the link to download the form:       https://www.nh.gov/btla/forms/documents/municipal-abatement.pdf    The abatement MUST be filed no later than March 1st following the tax year (March 31, 2017 for 2016 tax year).

 

The abatement form summarizes the rules, deadlines and procedure for abatement.  If you need assistance in analyzing your property do not hesitate to call Jack Lavoie, SRA at 603-644-1000 or email at: jacklavoie@comcast.net   For more information, find us on our website at www.AppraiserNH.com

 

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You know those end of year letter you get from friends who summarize their year for you.  Here is mine!  🙂

Many of you know me as a “real estate appraiser” but what does that mean?  You probably know an appraiser as someone who works for the bank when you are buying, selling or refinancing your home.  That is certainly true, but in my case not the complete story.   For this reason, I thought I would share what I do and highlight what types of assignments I have completed in 2017.

I am an SRA designated appraiser through the Appraisal Institute which is the most prestigious residential designation in the industry.  I hold my Certified General Appraiser license on both New Hampshire and Massachusetts, which is the highest level of licensing.   I do both residential and commercial, as well as providing litigation support and real estate consulting.    Some of the properties I appraised within the last 12 months include;

  • Residential assignments such as single family houses, condominiums & 2-4 unit properties
  • Land/building lots
  • Larger multi-family properties 5 to 24 units
  • Office buildings
  • Special use properties
  • Mixed use buildings
  • Land lease valuation
  • Office condominiums
  • Cell tower, abutter impact appraisals & studies
  • Subdivision analysis
  • High-end $4M+ residential house
  • Various complex assignments. The ones other turn down.
  • Review Appraisals
  • Rental analysis

 

I completed assignments for many reason including, but no limited to;

  • Bank Financing
  • Commercial lending
  • Divorce settlement/litigation
  • Expert witness
  • Estates settlement
  • Guardianship
  • Pre-listing
  • Cash buyers and investors
  • Abutter disputes
  • Zoning board hearings
  • Bankruptcy & IRS
  • Eminent Domain
  • Tax Abatements
  • Pre- and post-foreclosure
  • Insurance (pre & post fire) appraisals
  • Consulting
    I certainly appreciate and enjoy working for my lender clients, but wanted to let you know that I do a wide variety of appraisals in both the commercial and residential segments. I provide honest, reliable, defendable appraisal reports for many types of clients and uses.  If you or anyone you know is in need of a professional appraiser in the NH or Mass, don’t hesitate to reach out at (603) 644-1000 or email me at jacklavoie@comcast.netFor more information, check out our website at www.AppraiserNH.com

 

Okay, there is technically never a “Black Friday” Sale on real estate since most property is owned individually and not offered as a special.  Black Friday is however, within the traditional seasonal downturn in real estate.   Using Hillsborough County NH as example (see graph below) , even in an overall increasing market, there are peaks and valleys that are attributed to different seasons.  Whether your house is located in Manchester, NH, Bedford, Merrimack, Nashua or Concord, prices rise in the spring/early summer, stabilize in the late summer/early fall and decline in the late fall/winter.

So how does this translate to Black Friday?  Well, if you are truly looking for more affordable prices, considered looking at real estate during the busy holiday season.  While others are shopping for TVs, you shop for real estate.   Sellers are often more flexible since they know it may be months before the winter market “heats” up again.

 

 

Keep in mind if you are order an appraisal (ore reviewing someone’s) whether it is for a divorce, estate, listing or sales purposes, the results can vary significantly as the opinion of value is as of an exact effective date.

If you have any questions, don’t hesitate to call me at (603) 644-1000 or email me directly at: JackLavoie@comcast.net

Happy Black Friday!!

 

 

Several communities have recently completed re-assessments that have left many people wondering how they can abate (reduce) their taxes.  Even if your city or town has not completed a “re-val” you can question the assessment by a process called tax abatement.

taxes-z

In all New Hampshire communities, all assessments are paid on the market value of the property on April 1st of the tax year.  Therefore, for the 2016 tax bill, the assessment must reflect the “equalized” value of the property as of April 1, 2016.

Since prices/values can decrease and increase over the years, the state allows assessment to be higher or lower than market value provided that they are equitably assessed.  What does this mean?   Let’s say you live in Manchester NH and the average assessment is 110 percent of market value (example only) and your property is 10 percent over assessed.  In this case you are equally assessed (or equally over-assessed) and have no case for abatement.

 

How do you file an abatement?

Step One:  Obtain a copy of the tax assessment card from your community.  If the full card is not available online, I suggest you go to the town and obtain the full card which has the most detail.

 

Step Two:  Carefully review the card to accuracy.  Note the assessor’s ratings with regards to condition and quality.

 

Step Three:  Research comparable sales, enlist the assistance of a realtor friend or hire a professional appraiser.  If hiring an appraiser, select one that has experience in this type of assignment.

 

Step Four:   Complete the State of New Hampshire Tax Abatement Form.  Here is the link to download the form:       https://www.nh.gov/btla/forms/documents/municipal-abatement.pdf    The abatement MUST be filed no later than March 1st following the tax year (March 31, 2017 for 2016 tax year).

 

The abatement form summarizes the rules, deadlines and procedure for abatement.  If you need assistance in analyzing your property do not hesitate to call Jack Lavoie, SRA at 603-644-1000 or email at: jacklavoie@comcast.net   For more information, find us on our website at www.AppraiserNH.com

 

 

As I have discussed earler, real estate values are not linear.  Each year in New Hampshire, prices change and follow a predictable path like the graph illustrates.  Prices rise in the spring, level off in the summer and early fall and decline in the late fall and winter.  Check out “North End” Manchester as of 12/15/2016.

noorth-manchester-trends

seasonal-effect-of-valuiesEven in years where the market seems stable, property values fluctuate over the course of the year. Historically, values increase in the spring and early summer, stabilize in summer and early fall and decrease over the winter season. This is attributed to several factors such as the “holiday season” and the harsh cold winters we experience in New Hampshire. To illustrate, I have included a graph of Hillsborough single family houses over the last three years. I have noted by highlight and red pen the bottoms of the annual market which happens usually around February or March. The “high water mark” is typically around June or July. So remember, house values DO change regularly. Keep that in mind when you are evaluating your house and making a financial decision. Don’t hesitate to reach out to us if you have questions!

 

I would still categorize the Southern NH real estate market as strong, however I am seeing prices begin to level off and inventory rising slightly. The seasonal market can change quickly in New Hampshire. If you are selling your house and its not moving, speak with your agent and re-examine the price. The spring and early summer brought bidding wars on properties. They are not taking place anymore (certainly there are exceptions).   Don’t be behind the curve. house for sale  xx

If you would like a snapshot of YOUR market, reach out to Jack at: jacklavoie@Comcast.net