News Flash

Finance

Posted on: December 11, 2020

Revaluation Project – Apartment and Commercial Property Valuation

Property Taxes

The City of Portland has been undergoing a city-wide revaluation of all real property. We had originally intended to set new values for the FY21 tax roll, but the COVID-19 pandemic caused this to be delayed. This delay will allow project staff to review market and economic changes that have resulted from the pandemic. New assessed values for all properties will be adjusted for the Fiscal Year 2022 assessment roll.

Tyler Technologies, the firm that has been hired to assist in performing this task, will again be mailing requests for current and relevant income and expense data to owners of commercial, industrial, and apartment properties. The results will help to develop the economic models used to calculate the estimated market value for these types of properties. Property owners/managers are encouraged to complete the forms provided to the best of their knowledge, as accurate and complete information is critical to determining fair and equitable values that reflect current market conditions.

 It’s important to note that, per Maine law, all information provided will remain strictly confidential. While there is no penalty for failure to provide this information, submissions will ensure that the new assessments reflect the actual economic climate in the city and how it specifically relates to each property.  In addition, this information will be required should an owner wish to challenge their new property value during next year’s informal hearing/appeal process. Submitting this info now helps us to get it right the first time.

Completion of the form should be self-explanatory; however, if there any questions or issues, owners are asked to contact Tyler using the Revaluation Helpline at (207) 874-8763. These forms should start to arrive by mail the week of December 14 and are requested to be completed and returned no later than Friday, February 12, 2021.

Thank you in advance for your cooperation and attention to this very important matter.