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Jericho reappraisal shows assessments close to market after multi‑year review
Summary
Senior appraisers told the Board of Civil Authority that a two‑year reappraisal pushed Jericho assessed values toward market: the town's CLA fell from ~89% (2021) to about 55% (recent years), while the reappraisal produced a median ratio near 1.02 and a tight COD, indicating close alignment to sale prices.
The Board of Civil Authority heard a summary of a multi‑year reappraisal that, appraisers said, brought Jericho assessments much closer to market after a long gap between reappraisals.
Senior appraiser Ed Claude Filter told the board: "This is the last 5 years of CLA for for Jericho starting in 2021, where it was 89.12." He explained that the CLA dropped to roughly 55% in recent years, reflecting a roughly 28% market increase over the last three years and the need for a town‑wide revaluation.
Filter said the reappraisal produced an overall median ratio just above 1.0 (about 1.02) and a coefficient of dispersion (COD) of about 3.6, measures the team presented as evidence the new assessments align with observed sale prices. "So in the end, we come out with an overall ratio of about a 102," he said.
Assessor Kevin Grassi described the field work used to support the new values: staff measured properties, took photographs, and completed drive‑by inspections; Grassi reported the team was able to enter about 25% of homes for an interior review where owners permitted it. "We got into 25% of the prop like, inside 25% of the houses, which is pretty good," he said.
The board was told the reappraisal used three years of sales for statistical testing and that the state will review reappraisals through a reappraisal‑evaluation process. The BCA recessed to prepare for five listed appeals expected to be heard under the new values.
