2023 Meredith Assessment Update
2023 MEREDITH ASSESSMENT UPDATE
The Assessing Department will be updating values for 2023. We last updated in 2020. Since that time we have seen unprecedented growth in the Meredith real estate market.
After the 2020 update, the assessment to sale ratio was set at 97.6% by the NH Department of Revenue. Each year they perform a ratio study that compares assessments to sales that occurred over the course of the year. For 2022, the overall ratio had dropped to 61.6%. This means that on average a property assessed for $300,000 is selling for $487,000 ($300,000/.616). The update will bring values up to full market value (100%) as of April 1, 2023.
The following is a ratio breakdown by property type:
Overall Ratio 61.6%
Single Family Homes 61.7%
Waterfront (All) 50.2%
Water Access 59.2%
Island Properties 60.3%
Boat Slips 52.0%
Residential Land 63.7%
While the assessments will increase please keep in mind that the tax rate will come down. The amount it decreases is dependent upon the increase in town, school and county budgets.
Notices will be sent out in late August and there will be an opportunity to meet with us via telephone, e-mail or in-person for an informal hearing. The process will be finalized in October in time for the new tax rate to be set. These changes will be reflected in the final 2023 tax bill.
Jim Commerford, CNHA