All Portsmouth Properties Being Reassessed Ahead Of New Tax Rate

PORTSMOUTH, NH — The city is in the process of reassessing all commercial and residential properties in Portsmouth, to bring their assessed values in line with market values. According to a preliminary study, Portsmouth properties continue to be in demand, and many will increase in value ahead of the new tax rate being released this fall. Several hearings will take place this month to allow taxpayers a chance to comment before new values on their properties are officially set.

According to Michael Tarello, vice president of appraisal for Vision Government Solutions, assessed values of Portsmouth's commercial properties have increased by 4 to 10 percent, a preliminary sales analysis has indicated. Rent has generally gone up on the city's commercial properties over the past year, and the market demand for those properties remains high, he said.

Sales of single-family Portsmouth homes are also remaining strong and are increasing at a fairly rapid pace, said Tarello. Value of residential land in the city has increased by 10 percent across the board, and depending on the neighborhood, some homes have gone up in additional assessed value, while others have decreased.

Tarello said Portsmouth has 31 residential neighborhoods. On top of the 10-percent land value increase, four of those neighborhoods' values went down 4 to 10 percent and five neighborhoods went up 3 to 8 percent in value, according to the preliminary sales analysis. One neighborhood went down in value by 15 percent, and another went up by 16 percent. Twenty neighborhoods stayed relatively the same in value, but will still see the 10-percent value increase for land, he said.

Sales of condominiums, including residential, commercial and mixed-use, increased by about 4 percent in the past year on average, said Tarello, citing his firm's preliminary sales analysis.

Tarello presented the findings of the preliminary analysis during a taxpayers' forum June 17. His firm, Vision Government Solutions, had been hired by Portsmouth to conduct this year's full statistical reevaluation of all taxable and non-taxable properties in the city. According to Tarello, the analysis done so far involved reviewing rent, building values and depreciation, vacancy rates, land values and an in-depth study of property sales in the city.

Next week, city officials are expected to notify individual property owners regarding the preliminary new values of their properties. Then, a taxpayer forum will be held July 17 to discuss further reevaluation efforts by the city assessor's office and Vision Government Solutions.

Taxpayer hearings will then take place through Aug. 2, pertaining to the proposed new property values. Final notice of the property values are expected to be released the week of Aug. 19. Tax bills reflecting the new values will be issued in November.

More information is available through the Portsmouth Assessor's Office.