What is a Revaluation?

A Revaluation is the process of conducting the Data Collection and Market Analysis necessary to equalize the values of all properties within a municipality for the purpose of a fair distribution of the tax burden. The purpose of a Revaluation is not to raise or lower the tax assessments or tax base of a municipality. The main purpose of a Revaluation is to establish fairness and equity among all property owners and all property types.

Why is a revaluation performed?

A Revaluation is done to equalize the values within a municipality to ensure a fair distribution of the tax burden. Property values change over time, but they do not all change at the same rate. Market value may have increased more for some neighborhoods and property types than for others, while others still may have decreased in value. A Revaluation is done to make sure assessed values reflect changes that have occurred in the real estate market. A Revaluation includes measuring and listing all properties to verify existing assessment data. The end goal is for assessments to be adjusted to reflect market value as of April 1, 2026.

Is raising taxes the purpose of a Revaluation?

No, it is to create an equitable distribution of the property taxes, based on market value, required to meet the needs of local schools, government and the county.

When will the Revaluation become effective?

The Revaluation will be effective for the April 1, 2026 assessment date and reflected in the 2026-2027 Tax Commitment in July-August, 2026.

Why is it necessary to perform a city-wide revaluation at this time?

Below are a few of the assumptions that underlie the International Association of Assessing Officer’s Standard on Data Quality, as approved April 2021.
• High-quality data used as an input foster high-quality assessments.
• The quality of recorded data erodes over time as physical, economic, governmental, and societal factors change.
• Quality data and consistent practices are required and ensure that assessments are accurate and fair.
The last city-wide revaluation occurred in Bangor during the 1980’s. Sales have taken place where there is a significant difference between the assessed value and the sale price. Much of the difference is attributed to the assessed values being based on older property data. Title 36 of the Maine Revised Statutes Section 328 expressly requires that assessors perform a physical inspection and inventory of each parcel of land at least every four years. A review found that only 32% of properties in the City have been inspected over the last ten years.

Revaluation Procedures & Methods

What’s the difference between a Full Revaluation and a Statistical Revaluation?

Full Revaluations involve the interior and exterior inspection and re-measurement of all properties, which necessitates entry into each residence or building.
Statistical Revaluations use existing data to revalue properties, avoiding onsite property inspections except to confirm validity of data for a sample of properties. The City has performed the in-house Statistical Revaluations each year since the last full revaluation was completed in the 1980’s.
With respect to each of these processes, the resulting valuations from a Full Revaluation are much more accurate than a Statistical Revaluation.

What if there are no reasonably comparable sales?

All factors that may affect the market value of your property will also be considered, such as the cost to replace your building(s) less any depreciation, plus the value of the land could be used to estimate the market value. For income producing properties, the income and expenses will be considered.

What data will be collected during the inspection?

The purpose of the inspection visit is to verify the current property data on file with the Assessor's Office. This includes exterior measurements of all buildings (main structure and outbuildings) and interior information such as building quality, condition, bedroom and bathroom counts and construction materials used. How many dwelling units are on the property. Has the attic or basement been finished. Have there been any recent renovations. Are there items that need to be replaced? What type of flooring is in the home. What types of heating/cooling equipment are in the home. In the end, the overall quality and condition will be estimated based on this objective data. The data collector will take a digital image/photo of the structure's exterior. No interior photos will be taken.

If I have safety concerns, what is my alternative to an interior inspection?

If a property owner is uncomfortable with an interior inspection, they can verify the interior information at the door. The data collector will ask a few questions such as: What year was the house built or remodeled? How many bedrooms and bathrooms are in the home? Has the attic or basement been finished? How would you describe the overall condition of the home? Have there been any recent renovations? Are there items that need to be replaced? What type of flooring is in the home? What type of heating/cooling is in the home? The overall quality and condition will be estimated based on the responses and factual data will be updated.

I’m the tenant and not the owner, what should I do?

The data collector will inform the tenant that the owner was sent an inspection post card. While the data collector is there, the tenant could call the landlord to see if it's ok to allow KRT into the home. If the tenant is uncomfortable letting KRT in, the data collector will inform them that a letter will go out to the owner in the spring of 2026 asking for an interior inspection appointment. At that point, the owner can arrange for an inspection around the tenant's schedule.

The inside of my home was not inspected, so how could you re-assess it?

The Assessor’s Office maintains a complete record of each property. Information is kept current through permit inspections, sales inspections, periodic re-inspection and exterior reviews; these records are available for your review in our office, as well. Current data will be considered by KRT when they establish a new value.

What is the valuation formula?

The Revaluation will consider all three approach to value: Cost approach, market-sales approach and the income approach. Each approach utilizes a different formula. The real question is whether the final total value is in the ballpark (within 10%) of market value.

How will I know if my assessment is fair and equitable?

There are two very good methods of determining this. First, compare your property to similar, nearby properties that sold in the previous year. Your value should be in line with these sale prices. Second, if no recent sales are available, compare your assessment to other similar properties in your area using the data available in the Assessor’s Office or on the City website. Your value should be in line with these similar properties. Remember, very few properties are exactly alike. Your value should be comparable, but it seldom will be exactly the same as what seems to be a similar property.

Impact on Property Taxes

Will a Revaluation increase taxes?

Although a Revaluation may result in an adjustment to nearly each individual assessment; it does not mean that property taxes will increase. Please remember, assessments are only the base that is used to determine the individual tax impact on each and every taxable property. Key point - The overall budget, and the tax levy, for the city is not related to the revaluation. The tax levy is the amount of property taxes needed to fund municipal, school and county approved budgets.

What is a mill rate?

In the State of Maine, property tax rates are typically denominated in millage rates. A mill represents the tax per thousand dollars of assessed value. For instance, if a home has an assessed value of $200,000 and a mill rate of 20 (which translates to $20 of tax per $1,000 of assessed value), the annual property tax would amount to $4,000.
Date of Valuation -- Bangor’s Historic Mill Rates
04/01/2019 $23.00
04/01/2020 $23.20
04/01/2021 $22.30
04/01/2022 $20.40
04/01/2023 $19.15

Is the City doing this to raise more money?

No. The City, School and County approved budgets determine the amount to be raised via taxation, regardless of the change in property values. Revising valuations ensures that the property tax burden is distributed according to a more accurate estimate of value. This is the
concept of uniformity and the basis for Maine property tax law.

What will my new taxes be?

We cannot say at this time, as the final mill (tax) rate (corresponding to the revaluation year) will not be set until the tax commitment in August, 2026. Your assessed value may go up, but it is possible the mill (tax) rate may go down, which would result in a moderate increase in taxes, or potentially even a decrease. Keep in mind that the mill (tax) rate is based in part on City, School and County budgets. Typically, if you see a big increase in assessed value, it is because your property has been undervalued for some time or you’ve made improvements.

When will I know how much my next tax bill will be?

A notice stating the proposed assessed value will be mailed to each property owner. The goal is for this phase to be completed by June of 2026. The mill rate (the rate used to calculate property taxes due) is determined after the municipal, county, and school budgets and property values are finalized. The Assessor typically delivers the list of new values and taxes due to the Tax Collector during the month of July and tax bills go out by the middle of August; it is at that time that we can tell you what your tax bill will be.

Assessed Value / Market Value / Project Phases

What is the timeline for the Revaluation Project?

The below timeline is for information purposes only:

Task Start Date Completion Date
Public Relations On-going
Data Collection 03/18/2024  03/13/2026
Callback Appointments 03/18/2024 03/18/2026
Data Entry into Software 03/18/2024 03/20/2026
Field Review of Sold Properties 03/26/2026 04/03/2026
Update Tables in Software 04/06/2026 05/01/2026
Field Review with New Values 05/04/2026 05/22/2026
Final Valuations Delivered 05/25/2026 06/05/2026
Assessor Review of New Values 06/08/2026 06/19/2026
Valuation Notices to Owners 06/22/2026 06/26/2026
Informal Hearings 06/29/2026 06/17/2026
Hearing Review 07/13/2026 07/21/2026
Final Work-Products Delivered 07/22/2026 07/24/2026
Project Completion 07/24/2026
Appraisal Report Delivered 10/31/2026

When will I know how much my next tax bill will be?

PHASE 1: DATA COLLECTION: The first phase, Data Collection of all property, will begin in March of 2024. During this phase "Data Collectors" go to each property in the City to measure the exterior of each building and attempt to inspect the interior if the owner is available at the time of the visit. These Data Collectors note the buildings’ location, size, age, quality of construction, improvements, topography, utilities, and numerous other characteristics both inside and out. They may also ask the homeowner a few questions regarding the property. To confirm that a home was inspected, the homeowner is asked to sign a data collection form. The data collected is subject to verification by the City Assessor and a KRT Supervisor. KRT Field Representatives will carry Picture IDs, Municipal Letters of Introduction, and have their vehicles listed with both the Assessor’s Office and Police Department.
Prior to starting the data collection, a postcard will be mailed to each property as notification that the property will be visited in the next few weeks. Data Collectors will show up unannounced shortly after the postcard is mailed and ring the bell or knock on the door. If someone is home, they will explain who they are, with their KRT badge visible, and ask for an interior and exterior inspection.
If no one is home, they will assume it is ok to measure the outside of the building and proceed to do so. A second attempt to inspect the property shall be made either after 5:00 p.m. on weekdays or on Saturday. If a second attempt to inspect the property is unsuccessful, KRT shall either leave a door-hanger at the property or send a letter to the property owner requesting the property owner call KRT to set up an appointment for an interior inspection. The visit from KRT shouldn’t take more than 15 minutes from start to finish. Data Collectors will not visit a property posted “No Trespassing”. Posted properties will receive a letter asking for permission to visit the property at a scheduled time convenient for everyone.
PHASE 2: SALES REVIEW/VALIDATION: During this phase, KRT appraisers will field review each property that sold between April 1, 2024, and March 31, 2026, and review the information on the property record card for data accuracy. The appraiser will make notes regarding the property location, size, condition, quality of construction, and numerous other characteristics that may affect value. The goal is to gain a clear understanding of what sold and for what price. In conjunction with the Assessing Office, KRT will begin the process of qualifying sales as “arm’s length”. Only sales with market exposure between a willing buyer and willing seller (in other words, an “arm’s length” sale) will be used in the analysis.
PHASE 3: MARKET ANALYSIS/VALUATION: A variety of resources are used to analyze the real estate market. KRT will be analyzing property sales that occurred between April 1, 2024, and March 31, 2026, to determine which market factors influenced property values. KRT will gather and use information from Maine Multiple Listing Service (MLS), property managers, developers, and local real estate professionals. Once all the data is collected and reviewed for accuracy, the appraiser will determine land values and delineate neighborhoods, which rate the desirability of locations throughout the City as determined by actual market activity.
Valuation is done using one of the three recognized appraisal methods: Cost Approach, Income Approach and Sales Comparable Approach.
During this phase, individual characteristics of the buildings are analyzed using information gathered in both phases 1 and 2. Each property is compared to other comparable properties with similar characteristics. Then the market values of the improvements are added to the land value that was previously determined. This value is the final estimate for each parcel of property, building and land.
The valuations produced for each appraisal model are then tested for accuracy using actual market sales. After testing, the result of the mass appraisal model for the City of Bangor is then measured against statistical standards of the International Association of Assessing Officers (IAAO). If a model fails the required standards, further review and refinements are necessary before acceptance.
PHASE 4: FIELD REVIEW: Field Review is the method of checking and re-checking both the values that have been determined and the accuracy of the data used. During this phase, properties are viewed in the field by experienced appraisers to ensure that the appraisal methodology established from the sale properties is consistently applied to the entire population of properties within the City.
PHASE 5: INFORMAL HEARINGS: Once the Field Review is completed and the values are approved by the Assessor’s Office, a notice stating the proposed value will be mailed to each property owner. The goal is for this phase to be completed in the middle of July of 2026. At that time anyone with questions concerning the revaluation process or the value established for their property will have an opportunity to meet with a member of KRT’s staff.

After all five phases are completed, all data, files, records, etc. used in the revaluation will be turned over to the Assessor’s Office for retention.

How will I be informed that the data collectors are working in my area?

Prior to starting the data collection, a postcard will be mailed to each property as notification that the property will be visited in the next few weeks. Data Collectors will show up unannounced shortly after the postcard is mailed and ring the bell or knock on the door. If someone is home, they will explain who they are, with their KRT badge visible, and ask for an interior and exterior inspection.

What happens if I’m not home when the data collector is at my property?

If no one is home, they will assume it is ok to measure the outside of the building and proceed to do so. A second attempt to inspect the property shall be made either after 5:00 p.m. on weekdays or on Saturday. If a second attempt to inspect the property is unsuccessful, KRT shall either leave a door-hanger at the property or send a letter to the property owner requesting the property owner call KRT to set up an appointment for an interior inspection.

Will I be given advance notice if my property’s assessment is going to change?

In a revaluation year, advanced notifications of preliminary property valuations will be provided to ALL property owners as part of Phase 5 of the revaluation project, the Assessing office will communicate expectations for the timeframe of these notifications.

If my assessed value increased after the city-wide revaluation, why?

There can be several reasons, such as:
• The property was undervalued before
• Your location has improved in value
• We had been using mistaken information about the property
• Changes in the real estate market

Why did my assessment go up more than my neighbors?

It is possible that the information we had on their property was already more accurate, or that they did not maintain their property as well, or we discovered missing information about your property. It is also possible that there is inaccurate information on your property’s assessment record. This is one reason we send out a notice of proposed valuation for your review in advance of tax commitment. Thousands and thousands of pieces of information have been entered into our system over the years, so it is possible for errors to occur. Please let us know of any data corrections that need to be made. Some changes may cause value increases and some may cause value decreases. Assessment data will be available online.

Will all property values change?

It is likely that most property values will change, however, they will not all change at the same rate. Market value may have increased more for some neighborhoods and property types than for others. The values of some neighborhoods and property types may have even stayed the same or decreased in the current market. The purpose of the revaluation is to make sure that the assessments reflect those changes in market value.

Do all assessments change at the same rate?

Not necessarily. Individual properties within the same neighborhood differ in characteristics and different neighborhoods command different values. In one area, the sales may indicate a substantial increase in value, while another neighborhood may see a lesser change in property values. Different types of properties within the same neighborhood may show different value changes. For example, older homes may be rising in value more slowly than newer homes in the same neighborhood, or one-story homes may be in more demand than two story homes, or vice versa. There are numerous factors that will cause values to differ between properties including, but not limited to, location, condition, size, age, quality, and building style.

Why does my property’s assessed value change?

There are a number of reasons beyond general market changes as to why individual properties or groups of related properties could experience a change in their assessed value in any given year, whether or not there is a city-wide revaluation. Some common examples include:
• New Value Created
Construction of new buildings; renovations or additions to pre-existing buildings; subdivisions of larger parcels into smaller lots.
• Property Changes
Change in a property’s permitted use; physical damage to a building.
• New Information
Survey displaying different acreage than lot size on record or an area designated as wetlands; review of deeds outlining an encumbrance like an easement; discovery of errors or inconsistencies requiring correction.

What is market value and just value?

Market value is defined as the amount a typical, well-informed buyer would be willing to pay a willing seller for a property. For a sale to be considered a qualified sale used to determine market value, it must be an arm’s length transaction -- the buyer and seller must not be related, the buyer must not be under pressure to buy and the seller must not be under pressure to sell, the property must be on the market for a reasonable length of time, the payment must be in cash or equivalent, and the financing must be typical for that type of property.

“Just Value” defined: “In the assessment of property, assessors in determining just value are to define this term in a manner which recognizes only that value arising from presently possible land use alternatives to which the particular parcel of land being valued may be put. Assessors must consider the effect upon value of any enforceable restrictions to which the use of the land may be subjected. Restrictions shall include but are not limited to zoning restrictions limiting the use of the land, subdivision restrictions and any recorded contractual provisions limiting the use of lands. The just value of land is deemed to arise from and is attributable to legally permissible use or uses only." “For the purposes of establishing the valuation of improved real property, the property must be valued based on its highest and best use as of April 1st of each year, taking all of the following 3 approaches to value into consideration: cost, income, and sales comparison. In establishing the valuation of improved real property, assessors shall consider age, condition, use, type of construction, location , design, physical features and economic characteristics.” (36 MRSA 701-A)

What is market value and who determines my property value?

People (including you); the person who sold your house to you; and the person who is willing to buy it from you determine the market value of your property. Some people will pay more than fair market value for property, while others may have purchased their property at a lower price, or some property may have been purchased years ago when prices and values and the market were considerably different. The true test is what your property is worth now in today’s real estate market. Ask yourself this question, is your property’s assessment in line with recent sales prices of similar properties?

Hearings & Appeals & Tax Relief

What if I disagree with the assessment value of my property?

If you believe the assessment on your property is in excess of its Fair Market value, you are afforded the opportunity to appeal. You should first notify the appraisal firm KRT to set up an informal hearing. When questioning the assessment value, ask yourself three questions:
1. Is my property data correct? (living area, bedrooms, baths, lot size, etc.)
2. Is my value in line with others on the street?
3. Is my value in line with recent sale prices in my neighborhood or comparable areas?

What if I don’t agree with my new assessed value?

If you believe the new assessed value does not represent fair market value of your property, you will be afforded an opportunity to have your concerns addressed through informal hearings, as well as more formal processes. Details regarding the appeal process will be published in the coming months to ensure taxpayers are fully aware of their rights and options.

What is an Informal Hearing?

Towards the end of the Revaluation Project, every property owner will receive a notice of their proposed valuation based on the analysis performed. When a property owner has a question or concern about the proposed valuation, they are asked to schedule a date and time to discuss the valuation process and get answers to any questions they may have. An informal hearing is not a forum to discuss taxes; it is strictly meant to answer questions on the property valuations.
Property owners are asked to come prepared with questions and should have already compared their property to other similar sale properties in their neighborhood. Once the hearing is finished, a determination will be made on the need for further review and if changes are warranted.

If I disagree with my assessment after a hearing, what are my options?

If you still feel entitled to relief after meeting or speaking with the Assessor, you should file a formal appeal in accordance with Maine State Statute, Title 36, §843: Appeals.

Should I pay my taxes if I choose to appeal?

Yes. You should pay your taxes under protest for two (2) major reasons:
1. To avoid interest being added and avoid any court costs including attorney’s fees, if your non-payment is referred for collection.
2. So you will not lose your right of appeal for nonpayment as required by law.

Are there any tax relief measures available?

Yes, tax relief programs that are available: Veteran’s Exemption, Homestead Exemption, Blind Exemption, Property Tax Fairness Credit, Property Tax Deferral Program, Tree Growth Tax Program, Farm and Open Space Tax Program. For businesses: Maine Business Equipment Tax Reimbursement Program (BETR) and the Business Equipment Tax Exemption Program (BETE). Information on these programs is available on the City website at bangormaine.gov/propertytax.