Those of us who owned property on the lake back in 2002 have vivid memories of what happened the last time the Town of Winchester conducted its State-mandated property revaluation. The average waterfront property assessment doubled and the average tax bill increased nearly 60%, exclusive of other budgetary increases going on at the time.

Although there have been many appeals and other adjustments over the years that have somewhat reduced the burden, lake residents on a square footage basis pay by far the highest tax rates in town. The lake itself and the 1,000-foot-wide “Highland Lake District” surrounding the lake represents only 6% of the Town’s land area, but properties in this area account for 20% of the Town’s assessed real estate value. By comparison, the sum total of all commercial and industrial properties represents only 13% of the real estate tax base. To say the least, these little factoids provide a reminder of the importance of Highland Lake to the economic fabric of the Town of Winchester.

Five years have passed and again, as mandated by State law, the Town of Winchester has begun the process of revaluing property values. Unlike the 2002 process which involved a physical inspection of each and every property in town, the method used this time will be a “statistical revaluation” which uses recent sales of nearby properties to estimate the values of properties in a given neighborhood. In our case, the Town’s revaluation consultant, Vision Appraisal Technologies, will use the 40 or so property sales that have taken place over the past year on and around Highland Lake to “statistically” adjust the values of all 600+ lake area properties to reflect their current market value. The statistical approach is of course much less expensive than physically inspecting every property. The Town is mandated by the state to complete the revaluation by January 2008, but Town Assessor Janice McKie has already indicated she plans to file for a one-month extension. Following completion of the project, each property owner will receive a notice of their new assessment and be given the opportunity to meet with a member of the Vision Appraisal staff to discuss any concerns about their property values and make adjustments if necessary to correct errors or discrepancies. A second opportunity for property owners to make a case for assessment changes will be provided through the Board of Assessment Appeals which convenes annually in late February. Back in 2002, well over 100 lake property owners used this process to obtain reductions in their tax assessments.

As Dick Labich discussed in his President’s Message, HLWA has enough on its plate just trying to keep the lake healthy, so we can’t get involved in property tax issues. However, we will keep you all informed of the revaluation process as it unfolds and how it affects watershed property owners. As an outgrowth of the panel discussion held at our July annual meeting, a few of us have agreed to form an unaffiliated (with HLWA) committee to serve as a liaison with the Town during the revaluation process. Consisting of myself, Bob Moore, Frank Carfiro and Neil Rudolph, we plan to meet regularly with Janice McKie and Vision Appraisal Technologies officials to understand the revaluation process and how it will impact lake area property assessments and ultimately our tax bills. We will keep you updated through the newsletter, emails and other mailings. In the meantime, if you have any questions, concerns or comments, don’t hesitate to send me an email (mhpeacock@charter.net) or give me a call at 860.379.1941.