Special Board of Aldermen 11-15-2021 Page 8
Mike Tarello, Vice President
Want me to take that Richard?
Richard Vincent, Chief Assessor
Yes please.
Mike Tarello, Vice President
Well it's, again, Richard’s data is really not most of the sales that we're going to use when we do the valuation. Actually
haven't really occurred yet because some of them have but majority of them are going to happen over the next six to
nine months. So we’re really not sure what will happen. It could be that properties do level off somewhat or they go up
further. So it's hard to say what a comparison is to Manchester with Nashua until all the data is in, and verified, and then
look at the data physically, and then do our analysis like we did in Salem and Manchester. But because they're only a
year off and did appear that over the summer values was still going up, that | would think that Nashua will probably have
a similar increase as a whole to what we see in Salem and Manchester. To the degree of the variance from class to
class, it’s too early to tell right now.
Alderman Lopez
Yeah with regards to class to class | guess, a little bit concerned about the possibility of tax burden being shifted from
commercial to residential in a scenario where residential is hot and turning over and property values are going up.
Where commercial may be not so much. They’re income has been dropping and I’m not sure how that all is going to
work out exactly. But in the interest of protecting the balance of burden and ensuring that the city's expenses don't
suddenly tip on top of all the residences versus the commercial, is there any kind of legislative steps you'd recommend
that we take or any strategies if it's my concerns are valid?
President Wilshire
Director Kleiner did you want to take that one?
Kim Kleiner, Administrative Services Director
So | did for a moment here and then I'll suddenly pass it to the Chief Assessor. We understand. So there's been a lot on
the news about Manchester and about Manchester's devaluation. Certainly people are heightened but we want to
caution you, and | think that that's a very important sentence in the Chief's report that he issued on September 3" is it's
just too early to tell. So when we started the revaluation, we said it was going to be a two year process because Nashua
has over 28,000 properties to look at. We need to let Vision and the Assessing office do their work. | think there's a lot
more conversation. | think that the fact that Vision issues these bi-weekly reports, the fact that they come and they
speak quarterly to the Board of Assessors, the fact that we can come and speak here and keep you well informed, and
certainly people can always book an appointment to talk to the Chief to the extent he's available. We want to keep
people informed but we also want to make sure that we're keeping people informed with good information. We really
need to allow the experts the time to dive into these sales that haven't even occurred yet.
Richard Vincent, Chief Assessor
We need to be sure that our values are fair and equitable. So if there's more of an increase to one class of property than
the other based on the sales that we receive, we need to reflect that change. Unfortunately, some people will be
affected more than others. But we need to keep that fairness and that equity between all of the different classes of
property, the types of property, individual properties. If we don't, that will be shown clearly in the different studies that are
done - the ratio studies, the equalization reports. It will show up and we'll be right back at this again well within the five
years. It's really important to be fair and equitable with all properties. Do you have anything to add Mike?
Mike Tarello, Vice President
Well, yes, just a little bit. | do think that what we try to do is although the valuations are for one, we have the time to look
at sales a month or two after that because that's a good indicator of value. Maybe more so than sales that would have
occurred in the year before because we do start pretty much 4/1/21 and then we go all the way to 4/1/22 but we also
tried to look at sales in May of 22 and June and July. As you can see in that study, there was about a 15 month period
so that we could make sure that we balance and see right up to the point that we can what the market is just in case, you
