Minutes

Appraisal Company

KRT Appraisal, Haverhill Massachusetts
Ken Rodgers, CMA, President
Rob Tozier, CMA, Vice President

Page 7 of 14

Property Taxes

Assumed Property Assumed Property
Taxes - $200 Million Taxes - $200 Million
Tax Year 2017 Tax Year 2018

$132
$124.8

$75.2
$68

Residential C&l Residential C&I

Page 6 of 14
*Dollar amounts in Millions

Assessed Value

Current Assessed Value Preliminary Future
Tax Year 2017 Assessed Value
Tax Year 2018
$6.6
$5.3
$3.2 $3.4

Residential C&I Residential C&I
ER = .80 ER = .93 ER = 1.00 ER = 1.00

Page 5 of 14
*Dollar amounts in Billions

Equalization Ratio

“Equalization is the process by which the
New Hampshire Department of Revenue
Administration makes adjustments to
each municipality’s locally assessed
values to calculate the estimated 100%
value of the municipality”

Page 4 of 14

State of New Hampshire

Department of Revenue Administration
109 Pleasant Street
PO Box 487, Concord, NH 03302-0487
Telephone (603) 230-5000
www. revenue.nh.gav

MUNICIPAL AND PROPERTY

BIVISION
Lindsey M. Stepp Stephan W. Hamilton
Assistant Commissioner Director
February 26, 2018
John L. Griffin, Chief Financial Officer
City of Nashua
P.O. Box 2019

Nashua, NH 03061
Re: 2018 Reappraisal of Property Pursuant to RSA 75:8-a
Dear Mr. Griffin:

Legal Requirements

Constitutional Duty of the City:

Art. 6. [Valuation and Taxation. ]

The public charges of government, or any part thereof, may be raised by
taxation upon polls, estates, and other classes of property, including
franchises and property when passing by will or inheritance; and there
shall be a valuation of the estates within the state taken anew once in
every five years, at least, and as much oftener as the general court shall
order.

Statutory Duty of the City:

“RSA 75:8-a Five-Year Valuation:

City of Nashua, NH
2018 Full Statistical Revaluation
Informational Meeting

Special Bd. of Aldermen — 02/27/2017 Page 16

When | refer to the $1.7 million as unrestricted, it hasn’t been tied yet or ask the Board of Aldermen to approve
these sets of vehicles.

President McCarthy

So we’ve basically been carrying a $750,000 unexpended fund balance plus the yearly supplement to pay for
the yearly expenses?

Mr. Griffin

Correct.

Alderwoman Melizzi-Golja

Special Bd. of Aldermen — 02/27/2017 Page 15

Mayor Donchess

So we really only had two entities that could do it and the gentleman who did work with Portsmouth we asked
him if he was available and his answer is no basically he’s not available. In talking with the DRA, another
benefit we tried to hold out to them was that we would convert to this vision to conform more with the rest of
the State and again do what you want but you have to have your appraisal done this year period.

Alderwoman Melizzi-Golja

Special Bd. of Aldermen — 02/27/2017 Page 14

Alderman Jette

Just to reassure property owners, the fact that someone’s house may have increased in value doesn’t
necessarily mean that their taxes would go up as a result of that. Am | not correct about that?

Mayor Donchess