Laurie A. Ortolano Trust v. City of Nashua
Docket Nos.: 29472-18PT/29699-19PT
Page 8 of 18
For 2019, the board looked at the evidence to determine if there were any changes in the
market from the prior year. Mr. Gardner testified he used an adjustment of 2.4% to account for
increasing market values in the relevant timeframe. The Taxpayer’s appraiser did not use any
adjustments. Considering the City’s equalization ratios indicate market values generally
increased 6% from 2018 to 2019, the board finds an adjustment of 4% is well supported.
Applying this adjustment, the board finds the market value of the Property, as of April 1, 2019,
was $650,000.
In making these market value findings, the board also placed some weight on Taxpayer
Exhibit No. 28, a sales analysis prepared by KRT Appraisal, the City’s contracted assessing firm.
According to the Taxpayer, and not disputed by the City, this document was prepared in
response to the filing of the Taxpayer’s 2018 abatement application. KRT utilized three
comparable sales (45 Berkeley Street, 4 Elliot Street and 38 Berkeley Street) in its analysis.
After making what KRT considered appropriate adjustments, KRT arrived at three market value
indications of $624,470, $688,567 and $617,425, respectively, and a median indication of
$624,470. -
Below are additional considerations that led the board to make its own independent
market value findings. In this respect, the board did not find Mr. Gardner’s much higher market
value estimates to be credible for several reasons. To begin with, Mr. Gardner utilized the
January, 2014 sale of the Property in both his appraisals and placed significant weight on it in his
final reconciliation of value, even when this sale price was not supported by other, more recent
market sales and despite Ms. Ortolano’s sworn testimony that the 2014 sale price was above
market value. Mr. Gardner presented no evidence to refute this testimony or to explain precisely
why the 2014 price was relevant in 2018 and 2019.
