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Posted on: August 14, 2019

TOWN of BOW ASSESSING PRESS RELEASE


PRESS RELEASE

AUGUST 14, 2019

MONICA HURLEY, TOWN ASSESSOR

Every year the Town of Bow Assessing Department monitors qualified sales and the real estate market in general in Bow.  The Assessor’s Office does this to make sure that current assessments are close to 100% of full, fair market value as required by the State of New Hampshire Department of Revenue administration.

During this most recent year of qualified sales, the overall median assessment to sale ratio dropped down to 84%.  This means that sale prices are approximately 16% higher than current assessments.  We are seeing approximately .3% to .4% increase per month in the real estate market in Bow.  The last full revaluation in Bow was conducted in 2014.  In 2014, the median sale price for a single-family home in Bow was $285,000.  By comparison, the median sale price for a single-family home in Bow today is $360,000.   

Based on sales studies, the Assessing Department has completed a town-wide revaluation to all properties values for the 2019 tax year.  Town wide assessments have been adjusted to account for the increasing real estate market.  Our analysis and subsequent valuation updates reveal the following:

                        118 Total Qualified sales from October 1, 2018 through July 31, 2019.


Property

Type

# of Sales

Median Size

Median Sale Price

Median 2015 Ratio

Median 2019 Ratio

Single Family

95

2080

$360,000

.84

.98

Condominium

12

1732

$347,455

.82

1.00


The overall increase in valuation for the Town of Bow for 2019 is estimated at $166,301,787 or 14% from 2018’s total valuation.  This includes 24 new residential properties with a value of $8.2 million and 1 new commercial property at $17.2 million. 

An increase in assessment does not necessarily mean an increase for property tax bills.  The new tax rate for 2019 will not be set by the State of New Hampshire for Bow until late October.

Notifications of new assessment will be mailed out to all property owners on or around August 22nd

Taxpayers who would like to meet with an assessing staff member to review their new valuation can do so by an informal hearing (phone number and times will be posted on the notification). Hearings are by appointment only and will be conducted at Town Hall the second week of September.  The meeting is limited to 15 minutes per property owned and any supportive documentation (i.e. appraisals or comparable properties) should be brought to the hearing. 

The assessing web page will have new values sorted by Owner Name and by Location as well as a qualified sales list used in the analysis to bring values to full fair market value.  These will be posted on August 22, 2019.

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