BATH — The first citywide property revaluation of Bath since 2005 showed property values have increased 14%, which might mean reduced property taxes for some residents.
“A larger city-wide valuation will help lower the tax rate, which means some properties with increased valuations could see an overall reduction in their tax bill,” said Bath Tax Assessor Brenda Cummings.
Municipalities assess properties to determine their tax rate and equitably distribute the tax burden among property owners. But values change over time, so municipalities periodically have to conduct revaluations, adjusting currently assessed values to the market rate.
“I don’t think we’ll see a 14% drop in the property tax rate, but I think that there will be a decrease in the property tax rate,” said Cummings. “If your value hasn’t changed much at all, you’ll probably see a decrease in taxes.”
“Sales are strong here in Bath,” Cummings added. “Values are increasing, and sale prices are rising.”
DRIVING FACTORS
Bath’s valuation increase follows statewide trends. According to data from the U.S. Census Bureau, the median price of a home in Maine was $155,300 in 2005, when Bath’s last revaluation took place. In 2017, the median price of a home in Maine was $179,900, marking a 15% uptick.
Real estate agent David Flaherty said he wasn’t surprised by the increase, because the market in Bath “has been trending upward since the recession ended.”
Flaherty said a home in Bath is typically less expensive than homes in neighboring Brunswick and Topsham, making it a popular choice for retirees and young families looking for a good place to raise children.
“Maine is a very old state and aging rapidly, but Bath is holding our own with families with children,” said Sally Johnstone, Maine Street Bath vice president and chairwoman of the Economic Vitality Committee. “Bath is a great place to raise children because it’s quiet, beautiful and has fantastic schools.”
Johnstone said Bath is also becoming increasingly popular with people over 55, due to its walkability and proximity to medical facilities.
Preliminary valuation notices have been mailed to Bath residents. The commercial and industrial revaluation continues, but preliminary valuation notices are expected to be sent out in the next week.
Bath residents can attend an informal hearing to provide information, voice concerns, and ask questions of an appraiser if they believe their valuation needs to be adjusted. Property owners can make an appointment for a hearing by calling 1-888-844-4300 between 9 a.m. and 4 p.m. Monday through Friday or by visiting vgsi.com/schedules.
“I know it can be frustrating to go to a hearing, but it’s important to make sure we get everything right,” said Cummings. “I can’t do anything about your taxes, but I can do something about your assessment.”
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