LYMAN HIRES KRT APPRAISAL TO COMPLETE FULL REVALUATION
The Town of Lyman, Maine has hired KRT Appraisal to conduct a Full Revaluation of all properties in the Town. Here is a general outline and explanation of each phase of the project.
There are five major phases to a municipal revaluation: Data Collection, Market Analysis, Valuation, Field Review, and Informal Hearings. During these phases many tasks will be implemented in order to successfully complete the revaluation.
PHASE 1: DATA COLLECTION
The first phase, data collection of all residential properties, will begin in July, 2019. During this phase "Data Collectors" go to each residential property and physically inspect the interior and measure the exterior of each building. These Data Collectors note the buildings’ location, size, age, quality of construction, improvements, topography, utilities, zoning restrictions, if any, and numerous other characteristics both inside and out. To confirm that a property was inspected, the property owner or tenant is asked to sign a data collection form to verify that the inspection took place.
KRT Field Representatives will carry Picture IDs, Municipal Letters of Introduction, and have their vehicles listed with both the Assessing Department and Police Department.
PHASE 2: MARKET ANALYSIS
A variety of resources are used to collect data from the real estate market. While the physical data is being collected by the Data Collectors, Appraisal Personnel will be analyzing property sales that took place over the last two years to determine which market factors influenced property values. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and delineate neighborhoods, which rate the desirability of locations throughout the Town as determined by actual market activity.
PHASE 3: VALUATION
Valuation is done using one of the three recognized appraisal methods: Cost Approach, Income Approach and Sales Comparable Approach. Mass appraisal uses a market adjusted cost approach to generate assessments.
During this phase, individual characteristics of the building are analyzed using information gathered in both phases 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market values of the improvements are added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.
PHASE 4: FIELD REVIEW
Field Review is the method of checking and re-checking both the values that have been determined and the data that has been collected. During this review, properties are viewed in the field by experienced appraisers who double-check uniformity and accuracy of information.
PHASE 5: INFORMAL HEARINGS
Once the Field Review is completed, a notice stating the proposed value will be mailed to each property owner. At that time anyone with questions concerning the revaluation process or about the data collected on their property will have an opportunity to meet with a member of KRT's staff to discuss their property’s value.
After all five phases are completed, all data, files, records, etc. used in the revaluation will be turned over to the Assessor’s Department for retention.