The total assessed value for commercial properties in Concord New Hampshire has increased for the first time since 2008, and a number of owners have filed applications for tax abatements. Of the 184 applications received by the March 1 deadline, about 150 were for commercial properties.
The city receives 225-275 tax abatement filings each year, according to Kathryn Temchack, the director of real estate assessments, and this year is expected to follow suit. She confirmed recently that there are more commercial and industrial property owners appealing and that this is not surprising due to the increase in value.
The overall assessed value for commercial and industrial properties increased by 13.77 per cent last year. The increase came after the assessing office updated its data for the first time since 2010. The new figures incorporated income, expenses, costs, and vacancies for commercial properties in the city. The 2010 data had been based on expense reports from 2008-2009.
Temchack prepared a report to the mayor and city council in October in which she pointed out that vacancy rates have decreased while building costs are on the rise. These factors have contributed to the increase in values.
In 2012, Concord only received 177 abatement applications, and Temchack called this number “unusually low.” Several commercial property owners have expressed frustration over their assessments. They have attended meetings organized through the Greater Concord Chamber of Commerce to discuss the tax assessment and abatement process.
Property owners can file a proposed value for their properties with the city. Temchack points out that the Concord Board of Assessors will not necessarily use this figure when granting abatements.
When a tax abatement is filed, the property owner will receive a letter requesting more information. A representative from the assessing office will visit the property to perform an inspection. After the inspection is complete, the assessing office will make a recommendation to the Board of Assessors and a decision is made on whether to grant or deny the abatement. If the abatement is granted, the Board determines the final amount for the assessment.
If a property owner does not agree with the Board of Assessors’ finding, the decision can be appealed. The date when property owners can start filing appeals is July 1. Due to the number of abatements the Board needs to process, every case will not be reviewed by this date. The deadline for filing appeals is September 1. Property owners who have not received a decision from the city by July 1 can go ahead and file an appeal to avoid missing the limitation date.
Previous Post
Tesco Buys Giraffe Restaurant Chain
No related posts found for this post.