The Lisbon Reporter

WELCOME TO THE LISBON REPORTER. In an effort to keep our community informed of what is going on at local and Federal levels of government, we decided to create this on-line newspaper. It is our hope that this on-line newspaper will help you stay informed so that you can get involved and take action for the benefit of our ENTIRE community. Thank you for visiting and please check back frequently for information about what is happening in LISBON/LISBON FALLS, MAINE USA

Saturday, February 28, 2015

Do You Think Lisbon's Revaluation Process Is JUST?

re•val•u•a•tion

n.

The process of altering the relative value of a currency or other standard of exchange.
n.

A reassessment of the value or worth of something; a reappraisal or reevaluation.

HAS YOUR REVALUATION BEEN DONE PROPERLY?????

The Maine Constitution states that “All taxes upon real and personal estate, assessed by authority of this State, shall be apportioned and assessed equally according to the just value thereof.” According to brochure handed out at the Revaluation Workshop by the Maine Revenue Services, the firm (doing the revaluation) will review local sales that are considered “arm’s length” transactions and create pricing schedules for land and buildings. As a result, all properties will have an assessed value for tax purposes, typically based on current cost of construction and local market sales.

All of this is pretty straight forward and should render an apportioned and assessed equally value of each individual’s real and personal estate. However, one would think that real and personal estates that are foreclosed on would have to be included in the formula to ensure all property values are equal and just. Foreclosed property definitely has an impact on the fair market value of the same property in the same area. So why is foreclosed property not included in creating pricing schedules?

The same is true for property listed as “Slum and Blight”. It is impossible to say that equal property; one in a “Slum and Blight” area has the same fair market value of property not in a “Slum and Blight” area. According to the State, “All properties will have an assessed value for tax purposes, typically based on current cost of construction and local market sales.” Two buildings constructed the same but in to different areas of town cannot have the same local market sales value if one is in an area designated as “Slum and Blight”.

Can someone explain why foreclosures and “Slum and Blight” properties are NOT included in the formula for determining our real estate taxes? According to the Maine Revenue Service, our taxes are supposed to be determined by apportioned and assessed equally according to the just value.

Without including all factors in the formula, how can our taxes be equal and just?

Larry Fillmore