SANFORD — All of Sanford’s commercial and industrial properties will be formally revalued this year — for the first time in more than 35 years.

Mayor Tom Cote described the revaluation Tuesday as “long overdue.”

The City Council awarded a bid of $51,700 for revaluation services to Vision Government Services of Northboro, Massachusetts, for the work, which is expected to be completed by Aug. 1. Vision Governmental Services was one of two bidders for the project. The city had budgeted $65,000 for the work.

The revaluation was initially planned for all apartment buildings with four or more units and all other commercial and industrial property — around 850 properties, but was expanded to include others.

Sanford Assessor George Greene said the City Council’s municipal operations and property subcommittee directed him to include two- and three-unit apartment buildings in the project as well — those number about 670 properties.

Sanford Deputy Mayor Maura Herlihy said following the City Council meeting that the last formal revaluation of commercial and industrial real estate in the city took place in 1980, although over the years, Greene has adjusted valuations based on sales and other data.

According to the contract, Vision Governmental Services will determine the fair market value of all commercial property as well as two- and three-unit dwellings. The contract spells out that the company will develop new cost, land, sale unit values, as well as develop new income, vacancy, expense, and capitalization rate parameters for the city, using April 1 as the valuation date.

The property valuation includes a lengthy list of tasks, from performing an income analysis for all types of income properties to establishing improvement depreciation schedules, field reviews  and more.

A schedule shows that the revaluation is expected by June 15, with informal hearings set to begin July 7 and the project is to be completed by Aug. 1.

“(This will provide) a good baseline of value,” said Cote, the mayor. “It is the first step to truly understanding where we are.” 

The mayor said that some may not like the result.

— Senior Staff Writer Tammy Wells can be contacted at 324-4444 (local call in Sanford) or 282-1535, ext. 327 or twells@journaltribune.com.

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