Property assessments updated following citywide valuation

posted on 10/27/2023

The City of Dover's Tax Assessment Office has completed its annual review of property valuations and mailed updated valuations to property owners whose valuations changed in the past tax year.

As stipulated by state law, property valuations reflect market conditions as the property existed on April 1, 2023, the first day of the 2023 property tax year in New Hampshire. The city's overall assessed valuation for the 2023 tax year increased by $749,953,110 to $5,972,770,730, a 14.4% increase over the 2022 tax year, comprised of three categories: residential, commercial and industrial, and public utilities.

Overall residential assessed values increased 10.3% to $4,282,040,420. Overall public utility valuations increased 7.5% to $108,946,700, and overall commercial and industrial properties valuations increased by 27.7% to $1,581,783,610. The commercial and industrial category includes apartment complexes, which increased by 14.7% to $334,098,400. General commercial and industrial properties, excluding apartment complexes, increased by 34% to $1,079,727,240.

The average single-family residential assessment increased by $42,486 to $513,892, a 9.01% increase. The average commercial assessment, including apartment complexes, increased by $340,724 to $1,620,680, a 26.6% increase. The valuations for all properties in the City of Dover are posted in the Tax Year 2023 List of Assessed Values report available at https://www.dover.nh.gov/government/city-operations/finance/taxassessment/assessment-reports/.

Residential valuations make up 71.7% of all valuations for tax year 2023. Last year, it was 74.3%. Commercial valuations make up 26.5% of all valuations for this year, compared to 23.7% last year. Public utility valuations are now 1.8% of overall valuations, compared to 1.9% last year.

The updated assessments will be reflected in the upcoming 2023 property tax bill. The City of Dover's tax rate has not yet been set by the New Hampshire Department of Revenue Administration but is anticipated to occur around mid-November. Once the tax rate is certified, the first half of the property tax bill will be printed and mailed to property owners.

City Manager J. Michael Joyal, Jr. noted during Wednesday’s City Council meeting that there was a significant appreciation of property values, both in the residential and commercial sectors; however, the valuation does not change the overall property taxes the city collects, only how the tax burden is distributed across property owners.

“The tax dollars that the city collects is based on the budget,” Joyal said. “We are only allowed to collect the dollars that are needed to support the general fund portion of the budget that is not otherwise covered by non-tax revenues.”

The update of individual property assessments comes after Tax Assessment Office staff completed their annual review of property assessments. The citywide revaluation includes a comprehensive review of market changes that affect property values and is integral to maintaining updated valuations. In addition to the citywide revaluation, assessment staff inspects and reviews about 20% of all properties annually on a rotating basis. The goal of setting assessed values in any year is to bring equity to the tax base by setting assessed values as close to market price as possible while maintaining consistency across various property classes, such as residential, commercial and public utilities.

Property owners may appeal their property tax assessment for the 2023 tax year by filing an abatement application with the Tax Assessment Office by March 1, 2024. Please note: filing an abatement application does not stay the collection of taxes, and taxes should be paid as assessed. If an abatement is granted, the city will issue a refund with interest.

For more information about the updated assessments, or if you are a property owner and did not receive the letter, contact the Tax Assessment Office at 603-516-6014 or visit the office at City Hall. The office is open Monday through Thursday, from 8:30 a.m. to 5:30 p.m. and Fridays from 8:30 a.m. to 4 p.m. You may also visit the Tax Assessment page, https://www.dover.nh.gov/government/city-operations/finance/tax-assessment/.