BATH – Bath’s first citywide revaluation in 14 years showed a residential property value increase of 14%. The property tax rate, however, has still decreased 9.2% from last year.
This year’s property tax rate is $19.80 per $1,000 of valuation, $2 less than last year’s rate of $21.80. With the decrease, a property assessed at $200,000 will now have a tax bill of $3,960, down from $4,360 in 2018.
With the decrease in property tax rate, Bath hangs 8 cents above neighboring Brunswick’s rate of $19.72 per $1,000.
Bath still has the highest property tax rate in Sagadahoc County. Richmond has the second most expensive property tax rate in the county at $19.55 per $1,000 of valuation.
Municipalities assess properties to determine their tax rate and distribute the tax burden among property owners. But values change over time, so municipalities periodically have to conduct revaluations, adjusting currently assessed values to the market rate.
Bath’s property value increase follows statewide trends. According to data from the U.S. Census Bureau, the median price of a home in Maine was $155,300 in 2005, when Bath’s last revaluation took place. In 2017, the median price of a home in Maine was $179,900, marking a 15% uptick.
Upon completing the preliminary revaluation, Bath Tax Assessor Brenda Cummings told The Times Record last month: “A larger city-wide valuation helps lower the tax rate, which means some properties with increased valuations could see an overall reduction in their tax bill. If your value hasn’t changed much at all, you’ll probably see a decrease in taxes.”
“Property values have increased since the 2007 recession, and I think a lot of real estate professionals feel the market is at the level it was at in 2004 just before the recession, which is a good thing,” said Curt Fish, a real estate agent at Bath-based Sharon Drake Realty.
“In Bath, nine out of 20 houses are under contract, which is a good absorption rate for new inventory,” added Fish. “Bath has a very active market.”
Fish said he has noticed an increase in Portland residents moving to Bath to escape Portland’s inflated property prices while still seeking a town with, “substantial sophistication.”
“I think Bath is attracting all demographics, which is something to celebrate,” said Fish. “Things are happening in Bath and that’s very attractive for buyers.”
Bath residents can request an informal review of their assessment if they believe their valuation needs to be adjusted by contacting the assessment office at 207-443-8336. The deadline for an appeal is 185 days from the day revaluations are finalized, which falls within the first few days of March.
“It’s important to make sure we get everything right, and we want to get it right,” said Cummings. “I can’t do anything about your taxes, but I can do something about your assessment.”
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