In a recent city council meeting, officials discussed the significant property reevaluation mandated by New Hampshire law, which requires municipalities to reassess property values at least once every five years. The last reevaluation in Somersworth occurred in 2019, and the new assessments reflect the 2024 market, revealing dramatic changes in property values.

The reevaluation process involved analyzing approximately 178 qualified sales from April to July 2023, which provided a snapshot of the market. Prior to the reevaluation, properties were assessed at about 54% of their market value. The new assessments have increased this figure to approximately 99% of market value across various property types. For instance, single-family homes saw an average increase of 76%, while mobile homes experienced an average increase of 230%. Other categories, such as multi-family homes and commercial properties, also saw substantial increases, with averages of 70% and 61%, respectively.

City officials emphasized that while property values are rising, the tax rate is expected to decrease. This means that despite the higher assessed values, property owners may not necessarily see a proportional increase in their tax bills. The city has already set its budget, and the tax rate will be adjusted accordingly to reflect the new valuations.

Residents will soon receive letters detailing their new property values, along with the opportunity to discuss these changes with appraisers. City officials acknowledged the potential confusion surrounding the reassessment and stressed the importance of clear communication to help residents understand the relationship between property values and tax rates.

The council also addressed concerns about the timing of the reevaluation, noting that while some communities reassess more frequently, Somersworth has historically adhered to the five-year requirement. The discussion highlighted the complexities of property valuation and the need for ongoing communication with the public to alleviate concerns about rising assessments and their impact on taxes.