By Wayne E. Rivet

Staff Writer

The last time Bridgton underwent a real estate revaluation was 2016.

Does anyone think those figures equal current market values?

Assessing Agent Denis Berube has looked at recent sale figures, and to no surprise, finds Bridgton “dramatically undervaluing” its properties.

The only solution — a revaluation.

“They (the state) look at it and it’s a little bit of a backward reading thing because they’re looking at sales from two years past to establish this year’s ratio because they have to have actual data that’s existed,” said Berube of John O’Donnell & Associates Inc. of New Gloucester, who has served as Bridgton’s assessing agent since 2005. “So that said, last year we had an opportunity, we had a ratio, state ratio of 72%. We were allowed to certify a ratio as high as 79%. You’re allowed to certify ratio within 10%, plus or minus. And so, certifying to the extent of what we could do last year, we were at 79%. The same statistics this year would suggest that our real estate market is at 55%, which the extent of what we can certify would be 61%. Now, I do know that based on sales that I’ve already reviewed, that next year’s ratio is 49%. You could say we’re at 50%, but not every property is at 50%... You have some properties that are carrying a higher burden than other properties of the overall tax burden.”

During Berube’s tenure, Bridgton has had “at least three” revals. The state wants to see values at least 70%, and when the percentage dips below that threshold, it is time for an adjustment.

“I know there’s always a lot of consternation (with revaluations. People aren’t going to be happy, but it’s a reality,” Berube added. “I look at sales every day... It’s kind of hard to refute the evidence, right? I tell people all the time, I don’t create trends, I interpret them.”

Town Manager Robert Peabody pointed out that in 2024 officials had voters tuck away $50,000 toward a revaluation, and he included another $50,000 in this year’s budget to be placed in a reserve account. A revaluation would cost $250,000.

If the town puts off the reval until next year, the percentage will certainly dip more.

“As the assessors, you have to look at fairness to our taxpayers. Is it fair that some carry a larger burden while others do not?” Peabody asked.

Peabody said the 2016 reval “went fairly smoothly” and “we didn’t have a lot of issues.”

Bridgton isn’t alone regarding the need to revalue, which is why Berube suggested that officials sign on now to “hold their spot” for O’Donnell & Associates to commence work this summer.

Selectman Paul Tworog is a “huge proponent” of a revaluation because it boils down to equity for all.

“People get nervous when they hear revaluation because they think it means that their taxes are going to go up. That’s really up to the Select Board. The Select Board sets the mill rate.”

Town Manager Peabody, who has been part of five revaluations during his managing tenure, chimed in, “Once you do the revaluation, that (tax) burden is now equitably distributed. As an old rule of thumb, a third of the people’s taxes go up, a third goes down and a third stays the same.”

Berube clarified that property evaluation is a “revenue neutral process.”

“The calculation is pretty simple. It’s the value divided by the budget. If the value doubles and the budget stays the same, the rate is going to be half. That’s up to the town,” Berube said. How the town spends its money — buy a new fire truck at $1 million (today’s going rate, it seems) and what taxpayers are willing to fund are local decisions. “From our point of view, it’s about getting the values correct.”

Another example of how Bridgton has fallen behind in valuing property, Berube said when he looks at new construction here, he is working off schedules from 2016.

“I’m knowingly putting new construction on the tax rolls at 50% of its present day value,” Berube noted.

Peabody suggested the Select Board bring the idea of moving $150,000 from the Undesignated Fund Balance for a reval to voters for approval in November.

“The sooner the better. I think it’s really the only fair thing to do,” Tworog said.

In the past, the town has sent out Request for Proposals for various services, but in this case, Peabody suggested officials stick with O’Donnell to do the reval because of Berube’s knowledge of Bridgton and its property value history, and likelihood the contract price will be lower than firms unfamiliar with the town.

“We’d be getting it done quicker. We already have people who know the town. And an outside firm is going to have to come in and do all those sales ratio studies, which Denis has already done,” Peabody noted.