HomeMunicipalAssessor's Office announces 2024 Municipal-Wide Assessment Revaluation

Assessor’s Office announces 2024 Municipal-Wide Assessment Revaluation

In accordance with New Hampshire state law, the City of Rochester’s Assessing Department has begun work on a Full Statistical Revaluation of all real property with an effective date of April 1, 2024.

The last municipal-wide Revaluation was completed with an effective date of April 1, 2019. New Hampshire’s State Constitution (Part 2, Article 6) requires values anew, at least, once every 5 years.

The department will complete a city-wide revaluation, based on extensive studies and analysis, to value all properties for the 2024 tax year. The goal of this valuation update is to make sure that current assessments are close to 100% of full, fair market value* as suggested by the New Hampshire Assessing Standards Board and the State of New Hampshire Department of Revenue. Citywide assessments will be adjusted to account for the increasing real estate market.

Properties in Rochester are selling for historically high amounts. In 2022, Rochester’s median sales ratio was calculated to be 64.3% and is estimated to fall to 59.0% for the 2023 tax year.

The new Revaluation property assessments are estimated to be published after September but prior to the second issue of 2024 tax bills (December 2024). The 2024 tax rate is usually established by the New Hampshire Department of Revenue in late fall. Do NOT use the current tax rate to estimate your taxes. An increase in property value does not necessarily mean an increase in your property tax bill.

Please note that the new assessments will not reflect any exemptions and/or credits but will include current use assessment valuations. As in the past, adjustments for exemption(s) and/or credit(s) will be applied to the tax bills of qualifying property owners.

Any property owner who believes their new assessment exceeds fair market value or is disproportionately assessed may file an abatement in accordance with RSA 76:16 after receiving their second issue 2024 tax bill but no later than March 1, 2025.

Thank you for your patience and cooperation throughout this important process.

*Fair market value is the price your home would sell for on the open market where both buyer and seller are reasonably knowledgeable about the property, are behaving in their own best interests, are given a reasonable time period for completing the transaction, and payment is made in cash or has typical financing for that type of property.

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