Plaistow revaluation raises townwide assessed value about 42%; impact notices going out this week

PLAISTOW, N.H. — KRT, the town’s contracted assessor, told the Board of Selectmen on Aug. 11 that a statistical revaluation based on sales from April 1, 2024, through March 31, 2025, raised the town’s total assessed value from about $1.4 billion to about $2.0 billion — an increase of roughly $600 million, or just over 42 percent. The revaluation firm said the changes vary by property class: single-family homes rose about 46.7 percent, condominiums about 42.7 percent, multifamily properties about 53 percent, residential vacant land about 39 percent and commercial/industrial properties about 34.4 percent. "Single families are up 46.7%," said Kevin Leen of KIT Appraisal/KRT during the presentation. KRT said it updated land schedules, building schedules and depreciation and recalibrated its mass-appraisal model using only "qualified sales" — sales between a willing buyer and a willing seller in the open market, excluding related-party sales, short sales and foreclosures. "We will be sending impact notices out to all the property owners, with their preliminary new assessments," Leen said. The notices are scheduled to go out "this week," KRT reported, and staff will accept phone calls for 10 business days and schedule hearings based on demand. KRT said it will consider owners' evidence submitted by email or fax and will mail final impact notices to taxpayers who requested hearings. KRT also told the board that all remaining revaluation work is due to be completed by Sept. 19 under its contract with the town. Board members and KRT staff discussed how assessed-value changes relate to individual tax bills. KRT said the town’s 2024 median ratio established by the New Hampshire Department of Revenue Administration was 71.4 percent of market value; the firm’s preliminary results place Plaistow near 97–98 percent of market value, within the DRA target range. KRT cautioned that a higher townwide assessed base does not by itself set homeowner tax bills; the town, school and county budget decisions and the tax-rate calculation determine individual bills. Town staff said the MS-1 filing and utility appraisals remain pending: KRT does not perform utility appraisals, and the town has contracted separately for those values. Town staff also said the September 1 MS-1 deadline may require an extension if both sides have not completed required work. Next steps: impact notices will be mailed this week; property owners can call the numbers provided and request hearings within the 10-business-day window. KRT and town staff will complete final adjustments after hearings, finalize the MS-1, and the board will set the tax rate later this year (the board indicated tax-rate setting is expected in October).