SEABROOK — The recent revaluation saw property values drop about half of 1 percent; however, condo and waterfront owners are seeing a noticeable rise in values.
Every community in New Hampshire is required to have a complete revaluation of real estate property every five years under state law, according to Town Manager Barry Brenner. This year the town hired Vision Government Solution to handle the huge job of reviewing and re-evaluating every one of the 4,382 properties in town.
Vision's district manager, Paul McKenney, made his presentation to selectmen yesterday, indicating the value of the town dropped from $3,211 billion in 2010 to $3,194 billion in 2011.
Lowering of property worth doesn't automatically mean taxes will decrease, for often taxes rise to meet the cost of running town government and providing services.
Overall, McKenney said, the town's real estate value dropped slightly, with residential property dropping 2 percent, commercial property value decreasing by 1 percent, mobile homes by 5 percent and vacant land remaining stable.
However, two types of residential property rose in value, he said. Seabrook condominiums rose by 7 percent because there aren't a lot of condos in town. And the value of waterfront property also rose by 7 percent.
"Sales determined the value," McKenney said. "For waterfront properties, for example, people are willing to pay an exorbitant amount to get that location."
According to Town Assessor Angela Silva, three sales of oceanfront homes over the past two years drove up values there. Those sales ranged from $1,075,000 to a home on Amesbury Street that sold for $1.8 million. In the middle was a Newbury Street home that sold for more than $1.3 million.
Those sales resulted in the value of Arthur Bower's 21 Newbury St. home in the Beach Village District rising and may drive his current $16,000 annual tax bill up further. According to information found on Vision's website, Bower's home, a two-story Colonial, is appraised modestly for a bit more than $120,000. However, the oceanfront land upon which his home sits is assessed at $1.164 million, bringing in a total of $1.287 million.
"I bought my home for $17,000 in 1966," Bower said yesterday.
Retired now, the former Haverhill resident bought it as a summer home for his children to enjoy. Last year, his entire Social Security income went to pay his taxes, he said. If his taxes go up because of its higher value, he'll have to dig deeper to pay up.
"I think they're using the highest value possible to value the beach property," Bower said. "I believe the land values at the beach are just too high. I know people say: 'This guy has a $1.3 million home, he should just sell it.' But I don't want to sell. I want to give it to my kids."
Bower enjoys living in Seabrook, he said, and has no gripes about the town, its residents or services, especially since moving to Seabrook year round.
"Seabrook has been good to me; I have no complaints," Bower said. "In the winter, my streets are plowed and my trash is always picked up. But I think they have to take more of a human interest point of view. I think the beach is just valued too high overall."
Bower is following through on the revaluation process. Notified recently by letters from Vision about the new valuation of his home, he's made an appointment to discuss it with the company. He also hopes to spend time on Vision's website before he goes to review the description of his property, as well as compare it to others in his neighborhood. He wants to see if there are discrepancies.
All property owners were mailed their new valuation on Aug. 31, McKenney said. The letter gave owners until Sept. 16 to call 888-844-4300 to make appointments. So far, 97 calls have been received.
Hearings will be held from Sept. 14 through Sept. 21 at the Seabrook Public Library, where McKenney said the company will try to accommodate them all.
On the whole, Seabrook's property did not see the significant drop in value that some communities experienced, McKenney said, as some inland municipalities saw their property devalue by from 10 to 20 percent. Not a good thing for those trying to sell their home or with large mortgages.
"The Seacoast here held up very well in this economy," he added.
NJ Man Charged With Murder in Death of Patz
Support, Fun for Kids of Fallen Soldiers at Camp
Fugitive Penguin Caught, Returned to Aquarium
50 Years Later, Underground Fire Still Burning
Light Show Transforms Sydney Opera House
Raw Video: Unruly Passenger Restrained in Miami
Raw Video: Robber Uses Drive-thru Window
Raw Video: Dragon Arrives at Space Station
Calif.'s Coronado Named Nation's Best Beach
CEO Salaries Become Sore Issue in Labor Disputes
Raw Video: Fight Erupts in Ukrainian Parliament
Texan Ranchers Remain Wary of Drought
Raw Video: Soldiers Plant Flags at Arlington
Police: Man Arrested in Etan Patz Disappearance
NYC Protests: the Revolution Will Be Scripted
Chicago U.S. Attorney Fitzgerald Resigns
Neighbors of Etan Patz's Suspect: It's Shocking
Gulf Fishermen Reel From Seafood Troubles
Stuntman Makes Skydive Without Parachute in UK
Raw Video: Bride Who Faked Cancer Released
