Minutes

Special Board of Aldermen 11-15-2021 Page 13

of revenue that needs to be raised and that's your tax rate. That's kind of simplifying the process but that's essentially
what it is.

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Alderwoman Lu

So just to clarify, | had asked whether you found many errors with the measure and the list and Miss Perry said well |
don't know what you would call a lot but | don't think there are a lot. | was just for the purpose of getting a useful answer,

| was just trying to say maybe you can tell me what percent of inspections that would be considered a high number to
find an error in. But it sounds as though are you hesitant to just close that loop for me?

June Perry

Special Board of Aldermen 11-15-2021 Page 11

Richard Vincent, Chief Assessor

So if you're looking at a shopping center where you don't care if Gamestop is in there and how much they're generating,
we want to know what the property itself will generate for rent for each store.

Alderwoman Lu
Thank you. Could | just ask two more questions?

President Wilshire

Yes.
Alderwoman Lu
Thank you. Has Vision found many errors in the measuring list?

Mike Tarello, Vice President

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know, things may be leveling off or if they are going up more so that we're reflective because the State will look at values
from October to October. So if we're not as accurate as possible by the time they do this study if things are going up
rapidly, we could be instead of at 100%, we could be at 95 or 94 right when you're starting to get your first equalization.

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Mike Tarello, Vice President

Want me to take that Richard?

Richard Vincent, Chief Assessor

Yes please.

Mike Tarello, Vice President

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New Hampshire, we’re mandated by State Constitution and State Statute to revalue at least once every five years. So in
that five year period, we're watching the market. That's why we do that annual ratio report — the equalization study.
Again if we gets too far out of whack, then we do another revaluation within that five year timeframe. Does that answer
your question?

Alderwoman Lu

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Mike Tarello, Vice President

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an increase in the values of 5%. That's just in that six month time period essentially. Then you can follow those ratios
down. So a mean ratio is a median ratios.