At Town Meeting in March 2023, a group of taxpayers petitioned for a Full Statistical Revaluation of the town. This would have adjusted property values to conform with market values, as required by NH state law, and restored fair taxation within our Town. The chart below describes our concerns. Although the article failed at Town Meeting, the tax unfairness persists.
Lyme recently received the approved 2022 Ratio Study from the NH Department of Revenue Administration (DRA). It appears that an acceptable set of ratios was found, but only by cherry-picking the properties that went into the study.
In April 2023, we wrote a letter to the DRA with our observations and questions. We are awaiting a response from the DRA. Read the full letter in the DRA Letter tab.
This project is supported by a number of Lyme residents including David Avery, Rich Brown, Susan MacKenzie, Hebe Quinton, Michael Whitman and Janet Williams in consultation with many others in town.
The graph below is a dramatic portrayal of how out of balance our current appraisals are. In the hot real-estate market of the past 18 months, most properties are selling for more than their appraised value. But more expensive places are selling for about 65% above their appraised value, while more modest homes are selling for 18% above their 2021 appraisal.
Since the appraised value is used as the base for the property tax, the impact of this imbalance has been to shift a greater portion of the tax burden onto lower-valued households.
Recent discussions on this Listserv regarding the School budget, the impact of property taxes on long-time residents and seniors, and the importance of diversity within our town, are all relevant to tax fairness.
When Warrant Article 16 passes at Town Meeting this year, many households should see their taxes decrease. This article is intended to ensure that all properties in Lyme are appraised and taxed in an equitable manner. You can learn more about this at bit.ly/LymeTax2023