KRT Appraisal has been hired by the Town of Rockport to perform a Interim Update Revaluation. The following is an outline and explanation of each major phase of the project. KRT Appraisal will be working with the Assessor's Office to make the process a successful one. The four major phases to a revaluation update are: Data Collection, Market Analysis, Valuation, and Department of Revenue Certification.
KRT Appraisal has recently completed a residential, commercial, and industrial cyclical data collection program. KRT will be inspecting all properties with an open building permit.
All KRT Field Representatives will carry Picture ID, Municipal Letters of Introduction, and have their vehicles listed with both the Assessor's Office and Police Department.
A variety of resources are used to analyze the real estate market. Appraisal personnel will be analyzing recent sales that took place over the last few years to determine which market factors influenced property values. KRT Appraisal will gather and use information from The Registry of Deeds, property managers, developers, and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and set Neighborhoods that rate the desirability of locations throughout the town.
Valuation is done using one of the three recognized methods: Replacement/Market Cost, Income Approach and Sales Comparison Approach. The Sales Comparison is the most widely used approach, and most easily explained to the taxpayer. The individual characteristics of the building are analyzed using information from sale properties. Each property is compared to other properties with similar characteristics. Once the market cost is determined, the improvement value is then added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.
Once the valuation process is completed, all values and analysis are turned over to the Department of Revenue. The DOR reviews all the information provided and if all the requirements are met, they will certify the project.
After all tasks are completed, all data, files, records, etc. used in the revaluation are then turned over to the Assessors Office.