Hampden REVALUATION

The Assessor considers three standard approaches in determining fair market value of a property:

1. The sales comparison (market) approach bases a valuation on sales data of similar types of properties in town.
2. The cost approach bases a valuation on what it would cost to replace your home minus depreciation.
3. The income approach bases a valuation on what the potential future income would be for that property.

Maybe. During a revaluation year, the tax rate often goes down when the total valuation of all property in town is higher. Adjustments to the tax rate may reduce or eliminate the impact of higher valuation. However, tax rate deduction may not fully compensate for a significant property value increase. This can only be determined once a tax rate is set for the upcoming year in August.

Home values have changed significantly since we did our last revaluation. Your assessment will be based on market value as of April 1, 2026. If your home value went up it is likely because homes around you are selling at a higher value in recent years.

Annual property tax bills can increase for a variety of reasons. 1. Improvements or renovations could potentially increase value to your property. 2. Data correction to accurately reflect the description of the property could increase assessment. 3. A revaluation of town properties to bring them to current value could increase the assessed value, relative to other properties. 4. An increase in the town budget can raise your tax bill.