Knowledge Base

State law requires that properties be valued at their "present and true actual value", which means fair market value. Real Estate is revalued once every 5 years to reflect changes in market and economic conditions. New construction completed after October 1, is added to the prior Grand List and is prorated from the date a Certificate of Occupancy is issued, or from the date when it is determined that the property is being used for its intended purpose, whichever is earlier. Standard price guides are used in determining the value of your motor vehicles. Owners of taxable personal property are required to annually file a declaration by November 1 with the Assessor’s office of all owned or leased property. Failure to return a properly completed declaration will result in the Assessor valuing the property and adding a 25% assessment penalty. Random audits of a business’s books, federal tax returns and physical inspections are performed to verify the information reported on the declaration