hb 0710

CHAPTER 119

HB 710-FN – FINAL VERSION

AN ACT relative to the 5-year valuation of municipal assessments, and relative to the total property valuation for the town of Roxbury.

SPONSORS: Rep. Weed, Ches 3; Rep. Pratt, Ches 2

This bill clarifies the 5-year period in which municipalities reappraise real property to full and true value. The bill also directs the department of revenue administration to adjust the 2003 total valuation for the town of Roxbury.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

AN ACT relative to the 5-year valuation of municipal assessments, and relative to the total property valuation for the town of Roxbury.

Be it Enacted by the Senate and House of Representatives in General Court convened:

119:1 Five-Year Valuation. RSA 75:8-a is repealed and reenacted to read as follows:

75:8-a Five-Year Valuation. The assessors and/or selectmen shall reappraise all real estate within the municipality so that the assessments are at full and true value at least as often as every fifth year, beginning with the later of either of the following:

I. The first year a municipality’s assessments were reviewed by the commissioner of the department of revenue administration pursuant to RSA 21-J:3, XXVI and the municipality’s assessments were determined to be in accordance with RSA 75:1; or

II. The municipality conducted a full revaluation monitored by the department of revenue administration pursuant to RSA 21-J:11, II, provided that the full revaluation was effective on or after April 1, 1999.

119:2 Town of Roxbury; Total Valuation Adjusted By the Department of Revenue Administration. The commissioner of revenue administration shall adjust the 2003 total town valuation for the town of Roxbury to exclude the $2,143,500 of exempt property previously included as taxable property. Notwithstanding RSA 21-J:35, the department shall forthwith utilize such adjusted total valuation in all calculations of town, county, state education, and local education tax rates, and in the determination of equalized assessed valuation.