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Assessor outlines 2025 statistical revaluation, estimates $246 million city value increase with $28 million from new construction
Summary
City Assessor Phil Drew presented a statistical revaluation for 04/01/2025 that raises overall Bangor taxable value by about $246 million (including $28 million from new construction); KRT Appraisal is conducting a full revaluation slated for 2026 with on-site inspections.
City Assessor Phil Drew briefed the Finance Committee on the 2025 statistical revaluation and the larger full revaluation planned for 2026, describing how the changes might affect property owners ahead of the next tax-year calculations.
Drew said the assessor's office bases values on recent real-estate sales and that the statistical revaluation planned for April 1, 2025, adjusts assessed values using market trends without inspecting every property. A full revaluation scheduled for 2026 will include on-site inspections, Drew said, and KRT Appraisal is performing those inspections.
Drew reported several headline figures from the revaluation memo: a county median home-price increase of roughly 9.62% from 2023 to 2024; an overall city value…
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