State mandated revaluation in progressJuly 21, 2007 - TRC July 18, 2007To the Citizens and Tax Payers of Milo:The Town of Milo has begun the State mandated revaluation of all property within our community. This is a costly, time consuming and very important project which will set the base valuation rates for the community for several years to come and will ensure that Milo continues to receive its fair share of State monies.The purpose of this letter is to update you on this process and to answer some of the questions that may arise: 1.) This Revaluation is dictated by State Law because the market value of many of our homes and camps has increased dramatically over the past few years. State Law demands that the Town value property at as close to 100% of Fair Market Value as possible or face loss of revenue. The last full Revaluation in Milo was done in 1988 and is now woefully inadequate showing many homes valued at less than 68% of real value. 2.) As a first step in this process, all residences have been increased in value by 30% across the board, which has meant a drop in the mil rate from $27.25 to $23.40 and allowed the Town to keep all State of Maine revenues due. However, please remember that individual Tax bills may increase this year based upon the type and market value of the property involved. 3.) The total amount of taxes collected in 2007 will not be changed by this Revaluation process. State Real Estate sales figures indicate that the Town is now undervaluing homes (particularly those with any sort of river frontage) and raw land, and overvaluing businesses, retail property and Tree Growth lots. This revaluation process is meant to correct these issues and distribute the Tax burden more fairly as required by Law. 4.) This process will take place over a two (2) year period and will be fully completed by April 1, 2009. Each and every piece of property in Milo will be reviewed during that timeframe and will be assigned a value as close to Market Value as possible. 5.) The overall goal of this project is to bring fairness to all. The Board of Selectmen and Town Administration fully realize that some properties will need to be reviewed immediately (especially new construction) because any formula used across the board may not be fair in a particular situation. 6.) If, when you receive your Tax bill later this month, you have any questions, please contact the Town Office for a review.To contact the Milo Town Office call 943-2202 and please stay on the phone until your call can be answered. Remember there may be many calls at the time you are calling and calls will be answered in turn.NOTE - This article reflects the views of the author and not necessarily those of the TRC Alliance Team.