In The Loop – July 8, 2022

OPM Revises Revaluation Schedule for Municipalities

The Office of Policy and Management (OPM) has utilized new legislative authority to adjust the property tax revaluation schedule for towns in order to incentivize more neighboring towns to consider regionalizing those services.

The effort, which was adopted by legislation last session, has been worked on by OPM for four years with wide consideration by revaluation companies, local assessors and regional council of governments to configure how to most appropriately adjust the schedules.

One of the most complicated components of executing this was how to get towns with the same revaluation district to be on the same revaluation cycle if their timeline was distinctly different from a neighboring town. As an example, the state normally requires a revaluation to take place every five years but with the passage of the law last session OPM was able to both accelerate and delay certain towns to have that cycle mirror each of those regions…KEEP READING