Manchester Property Values Jump Nearly 50%
The Pulse
The value of all property in Manchester increased by almost half—48%—over the past five years, according to preliminary data released by city officials on October 13. The valuations, compiled due to a citywide revaluation, total $23.09 billion. The current value of city properties is $15.56 billion, based on assessments made during the city’s last revaluation.
Key Takeaways:
- Property Value Increase: Manchester's property values went up nearly 50% in the latest assessment.
- Revaluation Impact: While the tax rate is expected to drop due to higher values, property owners may still face tax increases if their assessment rise more than the overall tax base.
- Classifications: The largest increases were seen in three-family apartment buildings (74%), four-plus unit apartment buildings and complexes (58%), and commercial and industrial properties.
- Tax-Exempt Properties: The total value of tax-exempt properties increased by 35%.
Next Steps:
- Challenging Assessments: Owners can challenge their assessments by logging onto www.vgsi.com/schedules before October 16.
- Preliminary Nature: These numbers are preliminary and are subject to change as owners appeal their assessments.