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City News

Posted on: July 10, 2019

Revaluation Project Update – Apartment and Commercial Property Valuation

news alert

This City is currently undergoing a city-wide revaluation of all real property. This effort will culminate in new assessments for all properties for the Fiscal Year 2021 assessment roll.

Tyler Technologies, the firm that has been hired to assist in performing this task, will be mailing requests for current and relevant income and expense data to owners of commercial, industrial, and apartment properties. The results will help to develop the economic models used to calculate the estimated market value for these types of properties. Property owners/managers are encouraged to complete the forms provided to the best of their knowledge, as accurate and complete information is critical to determining fair and equitable values that reflect current market conditions.

It’s important to note that, per Maine law, all information provided will remain strictly confidential. While there is no penalty for failure to provide this information, submissions will ensure that the new assessments reflect the actual economic climate in the city and how it specifically relates to each property.  In addition, this information will be required should an owner wish to challenge their new property value during next year’s informal hearing/appeal process. Submitting this info now helps us to get it right the first time.

Completion of the form should be self-explanatory; however, if there any questions or issues, owners are asked to contact Tyler using the Revaluation Hotline at (207) 874-8763. These forms should start to arrive by mail the week of July 15th and are requested to be completed and returned no later than Friday, August 16th, 2019.

A similar mailing for all residential property owners will occur later this summer and will also be announced prior to mailing.

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