Lets start a new thread with an Open Forum here!
Your comments and questions wanted!
Monday, September 29, 2008
Thursday, September 04, 2008
Assesments in the Mail
New Assessment rates have been released for 08 and most residents by now have received their new numbers via mail this week.
Being a realtor in this town, I have seen home values sliding for two years now and can tell you that Derry is not alone in this situation. Unless you live in a cave and don't see the daily news reports of forecloses, and short sales you know that all across America we see how things have changed over the last few years.
Some are quick to blame elected officials for bad times when the educated people in economics understands that these things happen in cycles.
If you look over time, you will see periods of growth and periods of no growth and tough times. The older we get the more we can look back and see these "cycles".
Getting back to the towns assessments, I have had over a dozen people ask me how this affects them and their property taxes. Its not an easy science to explain, however even though values have gone down does not mean you will be paying less taxes. Its gets re-distributed and what will happen next is the TAX RATE will go up.
The question on how much they go up depends on many different factors such as other categories such as commercial property going up or down in values as well as many other classifications. Derry's problem is again we are 85%-90% RESIDENTIAL and not much commercial/industrial to help take burden off of single family homes.
Stay tuned for the rate as it will need to be set in the fall.
Keep in mind that School and town increases will also play a part in the rate and any exemptions that are given MUST be made up from people who do not get them!!
I would be happy to explain if any questions? Please understand that I am not an expert in the field and you can call the assessors dept at town hall for specific questions. The town's phone number is 603-432-6100.
Being a realtor in this town, I have seen home values sliding for two years now and can tell you that Derry is not alone in this situation. Unless you live in a cave and don't see the daily news reports of forecloses, and short sales you know that all across America we see how things have changed over the last few years.
Some are quick to blame elected officials for bad times when the educated people in economics understands that these things happen in cycles.
If you look over time, you will see periods of growth and periods of no growth and tough times. The older we get the more we can look back and see these "cycles".
Getting back to the towns assessments, I have had over a dozen people ask me how this affects them and their property taxes. Its not an easy science to explain, however even though values have gone down does not mean you will be paying less taxes. Its gets re-distributed and what will happen next is the TAX RATE will go up.
The question on how much they go up depends on many different factors such as other categories such as commercial property going up or down in values as well as many other classifications. Derry's problem is again we are 85%-90% RESIDENTIAL and not much commercial/industrial to help take burden off of single family homes.
Stay tuned for the rate as it will need to be set in the fall.
Keep in mind that School and town increases will also play a part in the rate and any exemptions that are given MUST be made up from people who do not get them!!
I would be happy to explain if any questions? Please understand that I am not an expert in the field and you can call the assessors dept at town hall for specific questions. The town's phone number is 603-432-6100.
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