State sees record level of property valuation, tax officials say
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Maine Revenue Services on Thursday said the state's valuation — the value of all Maine real and personal property — increased by $9.72 billion since the previous year.
Maine Revenue Services on Thursday said the state's valuation — the value of all Maine real and personal property — increased by $9.72 billion, or 5.52%, from the previous year.
Growth exceeded 3% in every county except Washington, Lincoln and Piscataquis, according to the analysis, which was based on April 2018 data and typically requires about 18 months.
Annual valuation growth has not exceeded this level since 2008, when the state reported an increase of 9.26%.
“This is the largest annual valuation growth in 10 years,” Kirsten Figueroa, commissioner of the Department of Administrative and Financial Services, said in a news release. “This report shows that Maine’s economy continues to move in the right direction.”
The largest increases were in York and Cumberland counties, where valuations grew 7.05% and 7.52%, respectively.
To compute the valuation, the state determines the assessed value of recently sold properties in each municipality relative to their selling price. Maine Revenue staff visit communities to audit assessing records and verify information.
The municipal valuations are used by the state for various purposes, including calculating state reimbursements, allocating education funds, determining revenue sharing, and apportioning county taxes.
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