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Peterborough statistical revaluation shows average increases for homes and condos; town staff urges patience until tax rate set
Summary
Town staff reported a statistical update projecting average increases of 33% for single-family homes, 24% for condos and 11% for commercial properties; the assessor requested an extension to Oct. 30 to complete the MS-1 filing.
Peterborough staff told the Select Board on Oct. 5 that a statistical revaluation of property values is under way and that taxpayers should wait for the new tax rate before estimating their bills.
Assistant to the Town Administrator Alison (Ali) Kreutz said Marybeth Walker of CNHA with Corcoran Consulting was performing quality-control checks and had requested an extension to Oct. 30 to complete the MS-1 because the town needs more time to convert assessment data into the required format. "She explained more about how the new values are calculated to me, so I will be better able to answer questions from taxpayers," Kreutz said.
Kreutz told the board the statistical update projects average value changes of about 33% for single-family homes, 24% for condominiums and 11% for commercial properties, adding that these are averages and individual properties will vary. Chair Tyler Ward noted averages can mask wide variation; Kreutz said the update used 144 sales from July 2020 through July 2021 and that while the number of sales was in line with recent years, the number of buyers had increased, which contributed to rising values.
The town requested and reported a filing extension for the MS-1 to Oct. 30 to allow staff and consultants to complete quality-control and data conversion tasks.
