Assessor: Raymond revaluation nearly complete; values to be released late July with hearings in August

Assessor Kurt Labelle told the Raymond select board on July 14 that the town’s revaluation is nearing completion and that KRT appraisal expects to release preliminary property values to taxpayers in late July, with hearings beginning in early August.

Labelle, who presented a primer on how property taxes are apportioned, said the revaluation is a technical, constitutionally driven process that redistributes the existing property-tax burden rather than creating new revenue. "The revaluations are essentially revenue neutral," he said, adding that the budgets set the amount to be raised and the assessments determine how that amount is divided among properties.

Using an illustrative example, Labelle said the combined municipal, school and county budgets required about $20,801,000 in the prior commitment year and that the town’s taxable base was roughly $1,100,000,000 — which, in that example, produced an $18.80-per-thousand rate. He cautioned residents not to multiply a new valuation by last year’s rate to estimate a bill: "What our goal is here and the legal requirement is to come up with a reasonable estimation of the value of the property," Labelle said. "We’re not going to hit every property exactly on the head."

Labelle outlined how the mass-appraisal model is calibrated from local sales, and he showed that Raymond’s assessment-to-sale ratio had drifted well below the statutory minimum. He said the town’s median assessment-to-sale ratio slipped into the mid-40s during pandemic-era market changes and that revaluation will narrow inequities: low-ratio properties are likely to see assessment increases, while some higher-ratio properties may see reductions in apportionment.

He provided local data: KRT completed roughly 750 callback interior inspections; about 50% of properties now have interior data; commercial modeling is still under development; and the project is using a two-year residential sales sample with a roughly $470,000 median interior single-family sale and a waterfront median near $1.1 million. Labelle said those datasets and ratio studies will be used to calibrate the model.

On timing, Labelle said the remaining modeling and town review work should wrap up within weeks. "We expect we'll probably be ready to release values to the public within the next 2 to 3 weeks," he said during the meeting. He told residents to expect letters with instructions for accessing property record cards on KRT’s site and for scheduling hearings; KRT plans in-person and phone hearings beginning around Aug. 8 and continuing through the month, with final values turned over to the town around the first week of September and the select board meeting to consider tax-rate options scheduled in mid-September.

Board Chair Shardul urged calm and encouraged resident participation: "Please don't panic," he said, asking taxpayers to make appointments rather than walk in and to review property record cards during the hearing period. Staff warned the volume of hearings and questions could create appointment delays of weeks and asked residents to be patient.

Labelle also addressed equity concerns and local anecdotes about rising home prices, saying assessors must value properties according to market evidence and cannot account for tenure or owner hardship during assessment. He noted some statutory and programmatic stopgaps on the billing side exist to assist homeowners, but the assessment process itself must stay rooted in market data.

The revaluation is part of a state-wide pattern of towns revaluing after multi-year gaps, Labelle said, and Raymond had not revalued for 21 years — a gap that increases the magnitude of catch-up adjustments when a town does revalue. Residents and property owners will be able to review supporting sales data and file hearing requests with KRT during the August hearing window.

Next steps identified at the meeting: KRT will publish property record cards and mail values to owners; hearings will be scheduled in August; KRT will deliver final values to the town in early September; and the select board will receive tax-rate options after Labor Day and meet to take any required rate-setting action in mid-September.