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1. How is property appraised in Bow?

In New Hampshire, all municipalities are required to adjust property values at least every five years to keep in line with market values. The tax year runs from April 1st to March 31st, and the assessed value for that time period reflects your property's status as of the April 1st that begins the tax year. The Town of Bow has begun a program to update all property values annually and keep assessments current with market value. We will be conducting Cycled Inspections, whereby we will measure and inspect one-fifth of the town every year on a rotating basis, as well as analyze all the pertinent sales. This meets the state requirement, is less expensive and avoids large changes in property values as can happen when a revaluation is done just once every five years. Prior to the inspection, property owners will receive a notification from the Assessing Department indicating a representative will be in their neighborhood. A data collector will visit each property in the area and ask an adult for permission to inspect the interior of the home and any other buildings. This data will be used for neighborhood market analysis which may be used to adjust values. In addition, properties that have had a building permit or have had changes that affect value are adjusted annually to reflect those changes, so that all assessments are reasonably proportional within the municipality. If no one or only a minor is home, all accessible buildings will have the exteriors measured and recorded, and a notice will be sent asking the property owner to contact us for an appointment. They will not enter a house in which an adult is not present. Always ask for identification if you do not see any on the person at your door. You are not required to allow the data collector inside your home; however it is important for the accuracy of your subsequent assessment and for the overall success of the assessment review. Also, you should be aware that any appeal that you file will be denied if you do not allow an interior inspection, per RSA 74:17, II. We hope that you will accommodate us in this important project; it should only take about 10 -15 minutes of your time, and we thank you in advance for your cooperation. If you have any questions or concerns, please call the Assessing Department at 223-3975.

2. How can I check the ownership or assessed value of a property?

Property information is available in the Assessing Office and online at Vision Government Solutions website. We do not mail or fax property record cards unless prepaid. Please note: For the official and most current information, contact the Assessing Office. For questions about property tax, such as the amount of tax owed or status of payment, please contact the Tax Collector's Office at 603-223-3983.

Vision Government Solutions website

3. What is fair market value?

Basically, finding the market value of a property involves determining the price most people would pay for it, in its present condition. To find the fair market value of any piece of property, the assessor must first know what the properties similar to it are selling for, what it would cost to replace it, how much is needed to operate and keep it in repair, what rent it may earn, and then look at many other factors affecting its value, such as the current rate of interest charged for borrowing the money to buy or build on similar properties in the area. Sales and trends must be continually analyzed and then applied to neighborhoods. More specifically, fair market value is defined as "the most probable price in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures."

4. How do values change from year to year?

Many factors affect the real estate market. If a community builds a superb high school, families are more attracted to that community, resulting in higher values as people compete for available housing. If a community endeavors to attract business and industry, the subsequent commercial/industrial increase results in a shift of some of the tax burden away from the homeowners. The assessor has not created the value. People create value by their transactions in the marketplace. The assessor has the legal responsibility to study these transactions, and appraise properties accordingly. In addition, if you were, for example, to enlarge your home or add a pool, obviously the assessed value would be increased. Conversely, if your property is neglected and suffers from deferred maintenance, then the assessed value would be decreased. The assessor has the responsibility to review all building permits and other changes that have occurred in the past year which may affect property values. Please notify us if you remove a shed or a pool or otherwise decrease your value, so we may make an adjustment.

5. How do I calculate the equalized assessment of my property?

To determine the equalized assessment, divide your assessed value by the equalization ratio. For example: say your property is assessed at $360,000 and using a hypothetical equalization ratio of 90%, $360,000 ÷ 0.90 = $400,000. This would be the equalized assessment or approximate market value of your property as of April 1 of the year with that particular ratio. The tax year runs from April 1st to March 31st. Also bear in mind that the equalization ratio is an average figure which is derived from sales that may include many types of properties: commercial, residential, industrial, vacant land, etc.

6. What is the Equalization Ratio?

The equalization ratio indicates the relationship between assessed value and market value. This ratio is determined for each municipality every year by the NH Department of Revenue Administration, through a study of the qualified sales that occurred within the municipality during the previous year. The equalization ratios are usually made public the following Spring. The history of ER for Bow can be viewed here: History of Bow Equalization Ratio