F. Why is my assessment different than the refinance appraisal I just received?

Since the lending crisis banks, it has been acceptable for appraisers to rely upon distressed sales such as foreclosures, bank sales, short sales etc. as a basis of comparison when valuing property.  However, we as Assessors must rely only on arm's length, non-distressed sales when arriving at assessments.  As such it is likely you will see a difference between the two value opinions.  Also, time is a big factor.  Property is assessed in NH as of April 1st and Towns are only obligated to bring assessments to market value once every five years.  The State of NH Department of Revenue annually compares assessments to recent sales to determine at what percentage of market value assessments are at.  The indicated median ratio can be applied to current assessments to determine what the indicated market value of a property is.  Example: if a home is assessed at $250,000 and the median ratio in the Town is 83.2% then the indicated market value of that property is $300,500  ($250,000 divided by .832, rounded).  That is the number you would want to compare to a recent appraisal or comparable sales to determine if your assessment is a reasonable value conclusion.  Industry standards dictate that 2 market value opinions that are within 10% of one another would be deemed complementary.  Using the above example - if your appraisal offered a value opinion of $280,000 it would complement the equalized assessment ($300,500) and is within the 10% reasonable range ($270,500 to $330,550).  It would appear the assessment as arrived at is fair and equitable.