Meredith property values drop by 6.25% since 2009

MEREDITH — The toll taken on property values by the Great Recession is reflected in the update recently completed by the Assessing Department, which reports that between April 1, 2009, and April 1, 2013, the aggregate taxable value has dropped 6.25-percent, decreasing from $1,858,056,791 to $1,741,940,934.

Assessor Jim Commerford said that the analysis was based on 270 sales between April 2010 and April 1, 2013. Although the New Hampshire Department of Revenue Administration will not calculate the ratio of assessed values to market values until February, he estimated it would be slight less than 100-percent, noting that the ration was 104-percent in 2010, 105.7-in 2011 and 106 in 2012.

Since 2009, the value of mobile homes fell 30 percent, the steepest drop of the seven types of property. Vacant land lost 17 percent of its value, which Commerford suggested reflected the relatively plentiful inventory on hand when the recession struck and development stalled in 2009. The value of single family homes decreased by 9 percent, multifamily buildings by 5.4 percent, condominiums by 5 percent, waterfront residences by 4.6 percent and commercial and industrial properties by 3.2 percent.

Commerford said that that among waterfront homes those valued at $1 million or less lost the most value while those worth $2 million or more held their value. The value of properties on Lake Winnipesaukee declined by 5.3 percent, while island properties on the lake lost 3.5 percent of their value. the value of properties on Lake Pemigewasset dropped 12 percent, Lake Wicwas by 4.7 percent, Lake Waukewan 2 percent and Lake Winnisquam 1.8 percent.