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City assessor: Portsmouth land book rises; notices and informal hearings set
Summary
City Assessor Steve Edwards reported a proposed land book increase to about $11.5 billion (roughly a 6% increase), described residential and commercial assessment shifts and said assessment notices would be mailed and informal hearings scheduled March 16–27, 2026.
City Assessor Steve Edwards presented Portsmouth’s annual reassessment, outlining the mass-appraisal method, market drivers and the proposed changes to the city’s land book.
Edwards said median residential sales prices rose modestly (from about $275,000 last year to about $282,000 this year) and described how interest rates, days on market and renewed field visits contributed to valuation changes. He reported the proposed land book would increase from roughly $10.88 billion to about $11.5 billion — a change the presentation characterized as about a 6% increase overall. Edwards said residential assessments rose by about 4.42% overall while commercial values climbed faster (roughly 10.1%). He cited specific parcel counts and noted commercial revaluations included targeted site visits and remeasurements that drove higher adjustments for some property classes.
Edwards outlined procedural next steps: assessment notices were expected to be mailed imminently and the assessor’s office planned informal hearings March 16–27 (9 a.m.–4 p.m.) with board-of-equalization applications accepted through April 24. He also noted categories of foreclosures and nonjudicial sales, and reported the assessor’s office had processed a large number of disabled‑veteran program exonerations.
Council members asked how reassessments would affect homeowners’ mortgage escrow accounts and whether the city was "catching up" on commercial valuations after staffing and fieldwork gaps during the COVID period. Edwards said catch-up field inspections and remeasurements accounted for many increases and that the office aims to cycle through properties on a six‑year IAAO standard. He advised homeowners that informal hearings and BOE applications are the procedural venues for contesting assessments.
Next steps: the assessor’s office will mail assessment notices, hold informal hearings as published, and accept BOE applications through April 24; council and staff discussed further outreach to explain escrow and timing effects to residents.
