Reassessment will redistribute tax burdens; equalization rate at 57% explains effect
Summary
Consultants said redistribution typically results in roughly one‑third of owners facing higher bills, one‑third similar, and one‑third lower; Kazar reported the town's current equalization rate is 57%, meaning assessed values currently average 57% of market.
Kazar told residents a reassessment redistributes who pays within the existing levy and does not by itself raise the total taxes to be collected. "A third of the people may have higher tax bills. A third are going to reasonably close to the same and a third may go down," he said, stressing outcomes depend on location, improvements and comparable sales.
He added the town's current equalization rate is 57%, meaning assessed values currently represent about 57% of market value. "If every property went up 43%...the tax rate would drop 43% and everybody would pay the same amount of taxes," Kazar said, explaining the arithmetic of reaching 100% of market value through reassessment does not change the overall levy but can lower the nominal tax rate.
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