Are waterfront properties unfairly singled out during a revaluation?
The simple answer is no. Contrary to popular belief, waterfront properties are assessed at the same level of market value as every other type of property located within a municipality. Over the last 10 to 15 years, due to a small supply and an ever-increasing demand, waterfront property values have increased at a significantly higher rate than properties in other City and Town locations. Revaluations that have been undertaken since this significant value appreciation simply reflected this substantial increase in market value in the form of a new, higher assessed value. Although we fully understand that these value changes and resulting tax increases can certainly have a negative economic impact on an owner, assessors are powerless to do anything but reflect full and fair market value as required by State law. It is also of the utmost importance to be aware that the assessed values are created by the sales activity that occurred along the waterfront prior to a revaluation.

Show All Answers

1. What is a revaluation?
2. Will a revaluation increase taxes?
3. Will all property values change?
4. How will I know if my assessment is equitable?
5. Does the Assessor's Office have the correct information on my property?
6. Why did my land value change differently than my building value?
7. What is market value and who determines my property value?
8. What is an informal hearing?
9. How do I prepare for a hearing?
10. How will I know if a change was made to my assessment after my hearing?
11. If I disagree with my assessment after a hearing, what are my options?
12. Is the valuation model that Bristol uses a proprietary model?
13. I am seeing a lot of news coming from the real estate industry. Is this being reflected in my new assessment?
14. Are waterfront properties unfairly singled out during a revaluation?
15. What sales did you compare to my home to arrive at my value?
16. What if there hasn't been a recent arms-length sale of my property?
17. What if there are no reasonably comparable sales?
18. I recently built my home. Will the actual construction costs be considered?
19. What will happen to my assessment if I improve my property?
20. Will my assessment go up if I repair my property?
21. How can my assessment change when I haven't done anything to my property?
22. Do all assessments change at the same rate?
23. Nobody inspected the inside of my home, how could you reassess it?
24. I've heard that you develop values by computer. Is that correct?