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City-Wide Revaluation


PRESS RELEASE

CLAREMONT HIRES VISION GOVERNMENT SOLUTIONS TO COMPLETE CITY WIDE REVALUATION

The City of Claremont, New Hampshire has hired Vision Government Solutions (VGSI) to conduct a revaluation of all properties in the City. Here is a general outline and explanation of each phase of the project.                                                              

There are five major phases to a municipal revaluation: Data Collection, Market Analysis, Valuation, Field Review, and Informal Hearings. During these phases many tasks will be implemented in order to successfully complete the revaluation.


PHASE 1: DATA COLLECTION
The first phase, Data Collection of all Sale Properties, will begin in October 2018.  During this phase "Data Collectors" go to each property that sold between April 1, 2017 and April 1, 2019 and physically inspect the interior and measure the exterior of each building. These Data Collectors note the buildings’ location, size, age, quality of construction, improvements, topography, utilities, zoning restrictions, if any, and numerous other characteristics both inside and out. They may also ask the homeowner a few questions regarding the sale.  Additionally, VGSI staff will be visiting and collecting the same data for those properties that were not visited by KRT under its contract in 2017 and 2018.  To confirm that a home was inspected, the homeowner is asked to sign a data collection form to verify that the inspection took place. The entire process takes about 15 minutes for most properties. The data collected is subject to verification by the New Hampshire Department of Revenue Administration, a VGSI Supervisor and/or the Assessor.

Vision Field Representatives will carry Picture IDs, Municipal Letters of Introduction, and have their vehicles listed with both the Assessing Department and Police Department.


PHASE 2: MARKET ANALYSIS
A variety of resources are used to collect data from the real estate market. While the physical data is being collected by the Data Collectors, Appraisal Personnel will be analyzing property sales that took place over the two years prior to April 1, 2019 in order to determine which market factors influenced property values. VGSI will gather and use information from the Registry of Deeds, property managers, developers, and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and delineate neighborhoods based on the desirability of locations throughout the City as determined by actual market activity.


PHASE 3: VALUATION
Valuation is done using one of the three recognized appraisal methods: Cost Approach, Income Approach and Sales Comparable Approach.  The Sales Comparable Approach is the most widely used approach among the three.

During this phase, individual characteristics of the building are analyzed using information gathered in both phases 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market values of the improvements are added to the land value that was previously determined.  This value is the final estimate for each parcel of property, building and land.


PHASE 4: FIELD REVIEW
Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field, typically from the street, by experienced appraisers who double-check uniformity and accuracy of information.


PHASE 5: INFORMAL HEARINGS
Once the Field Review is completed, a notice stating the proposed value will be mailed to each property owner in July or August of 2019. At that time, anyone with questions concerning the revaluation process or about the data collected on their property will have an opportunity to meet with a member of VGSI's staff to discuss their property’s value.

After all five phases are completed, all data, files, records, etc. used in the revaluation will be turned over to the Assessor’s Department for retention.

You can find additional information on the City’s website here