TOWN OF STILLWATER
PROPERTY ASSESSMENT

As part of the Reassessment Program in the Town of Stillwater, the Assessor’s office will be reviewing and analyzing the assessments of each property in the Town. According to the Real Property Tax Law, all property assessments must be valued at the same uniform percentage. The Town of Stillwater assessments are currently stated at 100% of market value. The reassessment project will revalue all properties in the Town and report the value findings at 100% of market value.

In the past 24 months certain areas of the Town have experienced significant market changes, therefore the Town has retained the services of GAR Associates, a real estate appraisal firm, to assist in the review of the market values of all properties throughout the Town. Professional appraisers will be reviewing the market values for possible assessment changes.

THE PROCESS

Beginning in March, ALL PROPERTY OWNERS will be receiving a notice to include:

• New preliminary assessed values
• Current assessment (the value used on your current tax bill)
• An illustration of how the new preliminary value affects your tax bill.

Property owners must remember that the notice is only a projection and there are many factors that can change your actual bill. Assessment, exemption and budget changes can modify the tax projection. The Assessor can only indicate what could happen if all the factors remained the same at one point in time.

RESOURCES AVAILABLE

AFTER MARCH 15

1. Reports: Residential sales and property inventories will be published and available for inspection.

2. Internet Access: The assessment roll will be on the Internet.

• Verify property information
• Review inventory data on an individual property
• Review current sales information
• Analyze sales information about similar properties

3. Assessment Information Classes: Understand the Annual Reassessment process and provide the proper information regarding avenues of relief.

In comparing similar sales it is important to remember that location, style, age and size are critical to the comparison process. For example: if you purchased your home for $200,000 on a particular street or neighborhood DO NOT look for homes that sell for $150,000 in other neighborhoods or compare a 5 year old house with a 50 year old house. BE REALISTIC AND HONEST.

INFORMAL REVIEW PROCESS

The Assessor's Office will offer property owners an Informal Review Process. If you feel your assessment is incorrect then you must provide the Assessor with reasonable information, based on market sales, that supports your opinion of market value.

THE GOAL OF THE ASSESSOR’S OFFICE IS TO DETERMINE THE FAIR AND EQUITABLE ASSESSMENT FOR YOUR PROPERTY.