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WHAT IS MARKET VALUE? There are several long explanations of market value, but simply put, it is the most
probable price a willing buyer would pay a willing seller for a property on the open market if neither party were
under pressure to buy or sell.
HOW CAN I TELL IF MY NEW VALUE IS CORRECT? You should ask yourself, could I or would I sell my property for
the amount listed as my new assessment. You can check this against sales of similar properties in your
neighborhood. To help you compare, listings of preliminary values and other data for all properties in the City will
be available for comparison on the internet on the City’s website. Properties currently for sale can be found on
the internet at various real estate sites.
SHOULD THE PRELIMINARY ASSESSED VALUE BE THE SAME AS THE PURCHASE PRICE FOR MY PROPERTY? If
you purchased your house within the past year on the open market with no unusual conditions, and have not
changed the property, the appraised value on your notice should be reasonably close to the sale price, but
probably will not be the exact amount. Just because one person is willing to pay a certain amount for a property
doesn’t mean that the majority of buyers would be willing to pay the same price. While sale prices may vary
slightly, even for identical properties, the assessor must be equitable in assigning valuations. Therefore, similar
properties will have similar appraised values, even if they might sell for a little more or less than the appraised
value. Along the same lines, even if you appealed your value (assessment) in a prior year to the Portland Board of
Assessment Review, and the value was adjusted, the revaluation appraises each property as if it had not been
valued before. Any prior changes are not considered since those changes were based on the old, outdated
system. The new value you receive should be a reasonable estimate of market value and equitable with
surrounding properties of a similar type.
ARE EXEMPTIONS INCLUDED IN THIS PRELIMINARY VALUE? Any existing exemptions are not included in your
preliminary valuation but will be in the taxable value you receive from the City after the reassessment in 2026
(taxable value equals the assessed value less any exemptions that may be applicable). Questions concerning
exemptions must be directed to the Portland Assessor’s Office.
HOW WILL REASSESSMENT AFFECT MY TAXES? By itself, a reassessment is revenue neutral, although it will cause
tax burden shifts among properties. An increase in the total taxable valuation of the City will result in a decrease
of the millage or tax rate. Because of this, an increase seen in the assessed value of your property does not always
mean that taxes will increase for the property. The determining factor is how much your property increases in
value in relation to the City’s total valuation increase. Some owners will see increases while others will see
decreases, and yet others will remain approximately the same.
WHAT IF I AM NOT SATISFIED WITH THE NEW VALUE? Informal value review meetings will be conducted by Tyler
from April 2025 through May of 2025. If a property owner is not satisfied with the results of the informal review, a
formal appeal may be filed with the City of Portland Assessor’s Office.
WHEN WILL I LEARN THE RESULTS OF THE INFORMAL REVIEW? No value changes will be made at the time of the
informal review, but all information you supply will be reviewed. The taxpayer will be notified of the results of the
informal review by way of a first-class letter.
WHAT IF I AM STILL NOT SATISFIED WITH MY ASSESSMENT? If you disagree with the results of the informal
review, your next step would be to file a formal appeal with the City of Portland Assessor’s Office. The deadline
for filing an appeal is 185 days from the date of Tax Commitment for the tax year for which you are filing an
appeal.
* The project dates contained in this FAQ are subject to change.*
www.Portlandmaine.gov/reval