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Property Revaluation and Tax Shifts in North Conway: A Closer Look

Property Revaluation and Tax Shifts in North Conway: A Closer Look

The recent property revaluation in North Conway has led to a significant shift in the tax burden, particularly affecting residential and commercial property owners differently. The revaluation process, mandated by state law to be revenue-neutral, unexpectedly resulted in increased taxes for many homeowners, while some commercial properties saw a decrease in their tax bills.

- Impact on Residential Properties: Residential property values have surged, with some experiencing a threefold increase, significantly outpacing the rise in commercial property values, which only saw about a 30% increase. This imbalance in valuation growth has shifted the tax burden more heavily onto homeowners.

- Specific Examples: The average assessed value of mobile homes jumped from $45,500 in 2022 to approximately $125,000 in 2023. One homeowner saw their tax bill nearly triple, while another, a local business owner, experienced a 65% decrease in their office property tax bill despite a 25% increase in property value.

- Community Reaction: The shift has sparked concerns and protests from residents. Shawn Bergeron of Bergeron Technical Services expressed dismay at the increased taxation on homeowners, warning of long-term impacts on the community's demographic. Local farmer Justin Hussey voiced concerns about the sustainability of these tax increases, fearing it could lead to the end of dairy farming in the area.

- Tax Rate Changes: The new base tax rate was set at $10.18 per $1,000 of property value, a significant decrease from the 2022 rate of $17.08. However, due to the sharp rise in assessed property values, many homeowners found their actual tax bills higher.

This revaluation and resulting tax shift have stirred a significant dialogue in the community about the implications for both the residential and commercial sectors, highlighting the complexities of property taxation and its impact on the local economy and community fabric.

 

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