AUGUSTA — The total valuation of real and personal property in Maine has increased by more than 5.5%, to nearly $10 billion, from the previous year, according to state officials.

Maine Revenue Services announced on Thursday that it has finalized the state’s 2020 valuation and found the highest rate of growth since 2008. The yearly state valuation process takes about 18 months to complete, and the 2020 report reflects property in the state as of April 1, 2018.

The growth in value “shows that Maine’s economy continues to move in the right direction,” said Kirsten Figueroa, the state’s Department of Administrative and Financial Services commissioner.

State agencies use the valuation information for purposes such as determining state revenue sharing to municipalities.

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