Why is a Revaluation required?

The state recommends that all property in a municipality be assessed within 10 percent of market value. Over time the value of property changes as a result of factors such as general economy and housing preferences. It is essential that property values be kept current in order to adjust for any changes. The State of New Hampshire requires that all cities and towns perform a revaluation every 5 years so that all properties can be brought to current market value and contribute an equitable portion of the total tax burden. In addition, RSA 75:1 states that "the selectmen shall appraise all taxable property at its full and true value in money." The court has interpreted "true value" as "the market value or the price which the property would bring in a fair market after reasonable efforts have been made to find the purchaser who will give the highest price for it."