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Select Board approves amended assessing contract; DRA finds town assessed at 67.5% of market value
Summary
The Select Board approved an amended contract with the town’s assessing contractor after incorporating comments from the Department of Revenue Administration. Staff also briefed the board on a DRA calculation showing Milford’s assessed value at 67.5% of market value.
The Milford Select Board voted Monday to approve an amended contract with the town’s assessing contractor after the Department of Revenue Administration (DRA) requested clarifications.
Why it matters: The contract governs who performs statutory assessing duties — including exemptions, credits and land-use-change tasks — and the DRA review affects how the town’s assessed values are reported for tax apportionment.
What the board approved
The contract amendment incorporates two DRA requests: (1) clarify whether statutorily required assessing services (for example, land-use-change tax administration, exemptions and credits) are included in the contractor’s scope, and (2) clarify wording in section 2.2.1 about prior cyclical inspections and note that cyclical inspections will begin in 2025.
Steve Hamilton, who revised the contract language at the board’s direction, told the board the revised agreement (section 2.2.8 in the packet) explicitly states the contractor will assist assessing officials by administering those statutory duties and providing recommendations, "and so it does cover all of the duties of the assessing office," he said.
The board approved the amended contract by voice vote after a motion to accept the changes was made and seconded; the meeting minutes record the vote as carried.
DRA ratio briefing
Staff also presented a letter dated Feb. 11 from the Department of Revenue Administration showing Milford’s assessment ratio at 67.5% of market value. Steve Hamilton explained the DRA calculates the relationship between locally assessed value and market value to apportion county taxes and to assist with state education tax calculations.
Hamilton said the town’s market value has grown steadily over five years — from roughly $1.8 billion to over $3.0 billion — and that the 67.5% ratio means Milford’s assessed values are about two-thirds of current market value. He added that a market-value ratio between 90% and 110% is considered an acceptable target; Milford’s 67.5% indicates the need for cyclical revaluation work that the contractor will support beginning in 2025.
Action and next steps
The board’s approval sends the final amended contract to signatures; the contract will begin immediately under the terms approved. Staff and the contractor will begin the cyclical inspection and revaluation work described in the contract language and will report updates to the board.
Ending: The board directed staff to proceed with the amended contract and scheduled follow-up reporting on assessing work and the DRA-mandated revaluation steps.
