The Town of Hooksett, New Hampshire has hired KRT Appraisal to conduct a Statistical Update of all properties in the Town. Here is a general outline and explanation of each phase of the project.
There are five major phases to a municipal revaluation: Data Collection, Market Analysis, Valuation, Field Review, and Informal Hearings. During these phases many tasks will be implemented in order to successfully complete the revaluation.
PHASE 1: DATA COLLECTION
The first phase, Data Collection of all Sale Properties, will begin in April, 2018. During this phase "Data Collectors" go to each property that sold between October 1, 2016 and March 31, 2018 and physically inspect the interior and measure the exterior of each building. These Data Collectors note the buildings’ location, size, age, quality of construction, improvements, topography, utilities, zoning restrictions, if any, and numerous other characteristics both inside and out. They may also ask the homeowner a few questions regarding the sale. To confirm that a home was inspected, the homeowner is asked to sign a data collection form to verify that the inspection took place. The entire process takes about 15 minutes for most properties. The data collected is subject to verification by the New Hampshire Department of Revenue Administration and a KRT Supervisor
KRT Field Representatives will carry Picture IDs, Municipal Letters of Introduction, and have their vehicles listed with both the Assessing Department and Police Department.
PHASE 2: MARKET ANALYSIS
A variety of resources are used to collect data from the real estate market. While the physical data is being collected by the Data Collectors, Appraisal Personnel will be analyzing property sales that took place over the last year and a half to determine which market factors influenced property values. KRT Appraisal will gather and use information from The Registry of Deeds, MLS, and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and delineate neighborhoods, which rate the desirability of locations throughout the Town as determined by actual market activity.
PHASE 3: VALUATION
Valuation is done using one of the three recognized appraisal methods: Cost Approach, Income Approach and Sales Comparable Approach. The Sales Comparable Approach is the most widely used approach among the three.
During this phase, individual characteristics of the building are analyzed using information gathered in both phases 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market values of the improvements are added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.
PHASE 4: FIELD REVIEW
Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field by experienced appraisers who double-check uniformity and accuracy of information.
PHASE 5: INFORMAL HEARINGS
Once the Field Review is completed, a notice stating the proposed value will be mailed to each property owner in August of 2018. At that time anyone with questions concerning the revaluation process or about the data collected on their property will have an opportunity to meet with a member of KRT's staff to discuss their property’s value.
After all five phases are completed, all data, files, records, etc. used in the revaluation will be turned over to the Assessor’s Department for retention.