City Assessors have begun the triennial property revaluation this month and report that values are beginning to come back up.
“What we saw is that values have gone up,” said Assessor Andy Iovanna. “My guess is that on average, one and two-families have gone up 9 or 10 percent. Commercial values have gone up about 5 percent on average. Those values have come back a little bit because people have maybe been waiting on the casino decision. Condos on average have gone up less than the one- and two-families in value.”
Iovanna said the City is required to do a full revaluation every three years, but due to workload issues at the state Department of Revenue (DOR), Revere’s triennial reval last year was postponed to this year. Property values are adjusted on a more minor basis in between three-year revaluations.
Iovanna said increases mainly came in values of homes in the Ward 3 and 4 areas – the central part of the City.
“West Revere and Point of Pines, you see those values increasing a little less because I think the increases were already there,” he said. “The center of Revere – Wards 3 and 4 – they were down before so they are back a little stronger from what I’ve seen. West Revere and Point of Pines are still higher in value, but the other areas are coming back stronger.”
Iovanna added that Revere will likely have its tax rate set earlier than in previous years.
“DOR has a program and Revere is a pilot City in that program,” he said, predicting a November tax rate setting.
Unlike previous years, there will be no City Hall hearings this time around with Patriot Properties – the company charged with revaluating the properties.
Iovanna said the hearings cost nearly $25,000 for the City and mostly resulted in more frustration for homeowners.
“To be more efficient and economical, we decided we’re not going to have local hearings with Patriot Properties like we did in the past,” he said.
There also will be no impact letters going out to property owners concerning the value change. Instead, homeowners are encouraged to visit the City’s website to view the recent values or come into the Assessor’s Office to learn more.
Homeowners can formally dispute their values in January when tax bills go out.