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Saco hires KRT Appraisal to revalue commercial and industrial property with April 1, 2025 effective date
Summary
Consultant KRT Appraisal outlined methods, timeline and owner notification plans for a commercial and industrial revaluation that will set values as of April 1, 2025, aiming to improve assessment equity amid rising residential values.
The Saco City Council heard a presentation Jan. 13 from Kevin Lee of KRT Appraisal about a commercial and industrial revaluation that will set new assessed values as of April 1, 2025.
The revaluation aims "to correct set disproportionate taxation by valuing all property at fair market value as of April 1, 2025," Lee said during the presentation. He told the council the company will use a mass-appraisal model to ensure consistency across property classes.
KRT told the council it will rely on the three standard appraisal approaches: the market (sales) approach, the cost approach—augmented with Marshall & Swift pricing—and, where applicable, the income approach. The firm plans to review qualified sales that…
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