TIVERTON — Property owners can expect to see increases in residential property values on average of 15% but some may be as high as 20% more.
“Everyone’s up, but by different degrees,” said Tax Assessor David Robert.
Robert said property owners should not take that new value and multiple it by the current tax rate. The tax rate will go down, he said.
“Revaluation doesn’t raise any additional tax, it just distributes it more fairly,” said Robert.
“The purpose of revaluation is to reflect market value and make sure equity is distributed across town, to distribute the tax fairly,” said Robert.
The last revaluation was a statistical revaluation that was conducted three years ago. The new revaluation is based on market values as of Dec. 31, 2020.
The most recent revaluation was supposed to be a full revaluation with inside inspections of properties, but the COVID-19 pandemic changed how the company could complete the project of assessing all 8,429 parcels in town.
Inside visits were halted in March 2020 when the pandemic forced lockdowns.
Data verification letters were instead sent to property owners who were asked to verify the information the town has on file for the property, such as the number of bedrooms, and other features. Data collectors did, however, measure the outside of all buildings to compare the measurements to those on file with the town.
Some 209 properties were sold in 2020, according to tax assessor data. There were 12 that sold for $750,000 or more; 26 that sold for between $500,000 and $750,000; 31 that sold for between $400,000 and $500,000; 69 that sold for between $300,000 and $400,000; 64 that sold for between $200,000 and $300,000; and 7 that sold for under $200,000.
Robert said there are now 123 single-family homes in Tiverton that are valued at $1 million or more, compared to 2017 when there were 75. Those numbers do not include the high-end condominiums at The Villages at Mount Hope Bay.
Homes are selling quickly.
“There’s not a lot of inventory. Some houses are sold the same day” they’re put on the market, Robert said. Because of COVID more people are working from home. Housing here is much more affordable than housing closer to Boston, and with a rail project extending to Fall River, Mass., the demand will continue to increase.
Robert said some houses are being sold ‘sight unseen.”
Of the 8,429 parcels in Tiverton, the vast majority – 5,170 – have single-family homes on them. There are 220 commercial parcels; 750 parcels of vacant land, 400 condominiums; 390 parcels with multi-family homes of between two and five units; 211 mobile homes in three mobile home parks; and 320 manufactured homes on leased land.
The median price of single-family homes, according to sales figures from State-Wide Multiple Listing Service, had Tiverton with the lowest median price (half the prices higher and half the prices lower) in Newport County at $339,000 in 2020, up from $314,000 in 2019. Middletown’s median price was $445,000 in 2020, up from $397,000 in 2019; Portsmouth’s was $470,000 in 2020, up from $406,000 in 2019; Newport’s was $625,000 in 2020, up from $535,500 in 2019; Jamestown’s was $649,950 in 2020, up from $595,000 in 2019; and Little Compton’s was $747,500 in 2020, up from $530,000 in 2019.