Gorham taxes (Standish, Hope: hardwood floors, for sale, 2011)

[jzinckgra]

My wife and I have been looking at houses in the Gorham area recently, as we may be moving up there from Mass if my job comes through. One house in particular we really like that is for sale has taxes of $6300. quite high. I contacted the town assessor and they said that the last town-wide assessment on homes was in 2000, including an interior/exterior assessment of the home we like. we are concerned that next April, when homes are to be re-assessed, the taxes on this home will be much higher, as the current owners have done extensive renovations (maybe approaching $150K). Given the current market conditions, and what they may be like next year at this time, we were wondering how much taxes would increase for this house or for Gorham homes in general. Anyone from the area have any insight how taxes will be adjusted next year?. Thanks.

[retiredtinbender]

Taxes are based on the budget needed to run town services for a year. Your tax is based on the valuation. If the budget stays more or less the same and the valuation goes up town wide then the mil rate is lower and generally the tax goes down. If the budget goes up and the town assessment stays the same then the mil rate and taxes go up. The larger the pool to draw from while maintaining a level (more or less) budget the less the tax paid. A lot more goes into it beyond just the property assessment. There are tons of variable that go into it. State aid, education costs, hydrant rental, electric fuel, sand, salt, and ad infinitum. You think your household budget is a "female dog"? Try estimating all that a year ahead. Check with the town assessor on teh last few years of budget v. property tax. It should give you a clue on the future. Hope that helped.

[jzinckgra]

ok, thanks, but I guess what I was wondering is how much could the taxes on this house rise based on the renovations that were done? Couldn't the town assess it higher, therfore the taxes go up, assuming the mill rate is the same.

[WhoFanMe]

Welcome to the forum jzinckgra.

I live in Gorham, the house you are looking at is near me and very close to another poster here. 150,000 in renovations is not going to affect the assessed value very much, unless it's significantly increasing the square footage of the property. My guess is that most of that money went into cosmetic remodeling which does not change the assessed value very much. The MLS notes say that the house has been expanded "recently", but the town's data is consistent with the square footage advertised in MLS today, so there's no mystery.

Your buyer agent could take you in to see Mike D'Arcangelo, the assessor, he is very approachable and might be able to share insight as to what to expect over the next several years. As a resident, I can tell you that taxes won't be going down anytime soon. We do have a new school (K-5) going in for my daughter by 2011, but most of that is being paid by state money and there are other projects going on.

[elston]

HMMM....maybe its near me If so......welcome to the neighborhood.

[jzinckgra]

Originally Posted by WhoFanMe

Welcome to the forum jzinckgra.

I live in Gorham, the house you are looking at is near me and very close to another poster here. 150,000 in renovations is not going to affect the assessed value very much, unless it's significantly increasing the square footage of the property. My guess is that most of that money went into cosmetic remodeling which does not change the assessed value very much. The MLS notes say that the house has been expanded "recently", but the town's data is consistent with the square footage advertised in MLS today, so there's no mystery.

Your buyer agent could take you in to see Mike D'Arcangelo, the assessor, he is very approachable and might be able to share insight as to what to expect over the next several years. As a resident, I can tell you that taxes won't be going down anytime soon. We do have a new school (K-5) going in for my daughter by 2011, but most of that is being paid by state money and there are other projects going on.

What a small world. So you live in the Fort Hills subdivision? I emailed mike. Seems like a nice guy. He had said that upgrades such as hardwood floors, granite, cathedral ceilings can increase the value. This house has all of that and more, so I was concerned that when they re-assess, they'd have the "wow" factor and hit us hard.

[retiredtinbender]

Originally Posted by jzinckgra

ok, thanks, but I guess what I was wondering is how much could the taxes on this house rise based on the renovations that were done? Couldn't the town assess it higher, therfore the taxes go up, assuming the mill rate is the same.

Sorry, definately misunderstood the question. Not like I haven't done that before. Most towns base building costs on cost to reconstruct the way it sits right then (depreciation) WhoFanMe is right. Unless there have been expansions to the outside then most likely the assessment will stay pretty much the same. Unless it was a complete overhaul from 30% good before to 90% good now.

[WhoFanMe]

Originally Posted by jzinckgra

What a small world. So you live in the Fort Hills subdivision? I emailed mike. Seems like a nice guy. He had said that upgrades such as hardwood floors, granite, cathedral ceilings can increase the value. This house has all of that and more, so I was concerned that when they re-assess, they'd have the "wow" factor and hit us hard.

I don't, but live nearby. Our friend Elston lives even closer than I do. Many of those upgrades have already been done, so I don't think the assessed value will dramatically change.

[elston]

Originally Posted by WhoFanMe

I don't, but live nearby. Our friend Elston lives even closer than I do. Many of those upgrades have already been done, so I don't think the assessed value will dramatically change.

I live off Fort Hill Road or Rt 114....bought a home here last April....but I am not sure where the Ft. Hill Subdivision is? I probably drive past it on a daily basis.....my experience of living here has been totally positive. Like I said earlier......if you move in.....Welcome to the neighborhood.

[WhoFanMe]

Originally Posted by elston

I live off Fort Hill Road or Rt 114....bought a home here last April....but I am not sure where the Ft. Hill Subdivision is? I probably drive past it on a daily basis.....my experience of living here has been totally positive. Like I said earlier......if you move in.....Welcome to the neighborhood.

Fort Hill Farms is the next sub-division from you - on the way to Standish. The street that connects to Route 114 is Valley View Drive.