Town of Hampton - Lane Memorial Library

- ASSESSING DEPARTMENT -
The rapidly rising real estate market finally began to show signs of leveling off during the 2006 property
tax year. In 2005, Hampton had 493 residential transactions with an average sale price of $309,800 and
an average assessment level pf 76%. In 2006, Hampton had 367 residential transactions with an average
sale price of $309,400 and an average assessment ratio of 75%.
These statistics indicate that the average sale price and the assessment ratio remained relatively constant
but the number of transactions was down by 26%. As the number of properties on the market continues
to grow, it will tend to make 2007 a buyer’s market. This fact has the impact of increasing the number of
months properties remain on the market for sale and stabilizing what people will pay for these properties.
I would like to remind the taxpayers that we will be updating our assessed values to market values in
2008. We will not be conducting a remeasure and relist for this update.
TAX RATE STATISTICS
An increase or decrease of $118,360 in expenditures can change the tax rate 5¢.
An increase or decrease of 6,143,790 in assessed value can change the tax rate 5¢.
LEASED LAND UPDATE
The town still has 38 lots of leased land. There were no sales in 2006 and a few new leases drawn over
the year. All sales are paid in full by certified check only and are at 100% of market value. You can look
at the Trustees of Trust Funds Report to see the revenues from the sale of leased land that are put into a
trust account. The interest from the trust fund is put into the General Fund at year’s end to help reduce
the tax rate.
Robert A. Estey - Assessor, CAE, CNHA
Angela L. Silva - Deputy Assessor, CNHA
Arlene Mowry - Assessor’s Assistant
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