LYMAN — Representatives from an outside firm will begin taking data of local properties in Lyman next month, the first step in a full revaluation of all real estate in town.

Lyman is a rural community with a population of about 4,400 people, according to 2017 estimates from the U.S Census bureau.

Lyman has about 1,783 households and the median home price in 2018 was $224,500 according to the Maine State Housing Authority.

The town has hired KRT Appraisal to conduct the revaluation of properties, according to a press release from the town.

The first phase of the process will begin next month, with data collection of all residential properties, according to town officials. Data collectors from KRT will go to each residential property in town and measure the exterior and physically inspect the interior.

KRT field representatives will carry photo identification cards and municipal letters of introduction, and their vehicles will be listed with both the Assessing Department and police force, according to town officials.

The data collectors will note details including the building’s location, size, age, quality of construction, improvements, topography, utilities and any zoning restrictions. To confirm that a property was inspected, the property owner or tenant is asked to sign a data collection form to verify that the inspection took place, according to the press release.

Appraisal personnel from KRT will conduct a market analysis, reviewing property sales from the past two years to determine market factors that influenced property values. Using this information, KRT personnel will determine land values and delineate neighborhoods rating the desirability of areas in town based on market activity, according to the press release.

The final value estimate of each property will be determined by factoring in information from the data collectors, market analysis and previous land values.

The estimates will be reviewed for accuracy. Once this review is complete, proposed valuations will be sent to property owners and those with questions will have the opportunity to meet with KRT staff to discuss their property’s value.

Staff Writer Liz Gotthelf can be reached at 780-9015 or by email at [email protected].

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