Bedford Property Values Increasing Amid Reassessment

BEDFORD, NH — The town's property values are going up. According to Bedford Chief Assessor William Ingalls, demand for Bedford homes is increasing, while the number of homes for sale is down. This means that residents looking to relocate within Bedford will have a harder time finding an available property. Reassessment of all Bedford properties is ongoing, ahead of the new tax rate scheduled to be set this fall.

Ingalls said the Assessing Office is looking to re-evaluate Bedford properties more often to lessen the blow of fluctuations in local tax bills as values of properties increase. When properties were last reassessed, in 2017, many went up by 16 percent in value, which was a big jump over the previous reassessment two years earlier, he said. For some, property values had gone up by 20 percent or more.

"This is a lot for people to handle," he said during a Town Council meeting June 26. On the other hand, property values generally decreased in 2013, when the market was down, he said.

Bedford’s Tax Increment Finance (TIF) District, which includes the ongoing commercial development at Market & Main, also increased in value. The TIF property is now valued at approximately $143 million — up $30.5 million, or 27.2 percent, since the last reassessment, said Ingalls. This year, Trader Joe’s and the Friendly Toast restaurant opened at Market & Main, and the Assessor’s Office remains optimistic about future growth, he said.

Market & Main, in the area of the former Macy's, is being developed by Encore Enterprises. It is expected to have more than 200,000 square feet of shopping, grocery and dining, fitness and office space, as well as a movie theater. According to Encore, regional and national retailers have expressed strong interest in locating there.

When it comes to Bedford homes, fewer properties are for sale, yet demand is going up. This means that residents wanting to relocate within the town will have a harder time finding an available property to buy, said Ingall. About 50 homes are currently for sale in Bedford, compared to 75 this time last year and 97 during the 2015 reassessment, he said. In total, the town has more than 7,000 residential properties, including single-family homes, multi-family homes and condominiums.

New this year as part of reassessment are flyovers, which capture high-quality photographs of properties to show undocumented pools, sheds, barns, driveways or other items that have recently been added. The flyovers are conducted at a height flown by an airplane, said Ingall. The flyovers, along with the software used, cost about $1 per property to conduct, and save on labor costs associated with updating information about each property, he said. He noted the flyovers are not done via drone.

The reassessing process is ongoing. It involves analyzing sales data, building permits, vacant lots, trends and other factors that help to get the town’s assessed value of properties in line with how much the properties actually sell for. Bedford property owners should expect notifications about their new proposed property value assessments after Aug. 1. Messages for the Assessor’s Office can be left at 603-472-8104. Those wanting to address proposed changes to their assessed property value are asked to call the number listed on the notification they will receive in the mail.