Property value decline seen leveling in Nashua
NASHUA — Although property values throughout Nashua are still on the decline, they are beginning to level out, according to results from the latest city-wide assessment revaluation.
Property along South Main Street down to the Pheasant Lane Mall area and along the state border has seen higher assessments than other areas of the city, according to Chief Assessor Angelo Marino.
In 2011, the mall was assessed at $143.7 million. That increased to $144.7 million in 2012 and then decreased slightly to $142.8 million in 2013, according to city assessment records.
Other property in that area has been rather steady, including Bernie and Phyl’s furniture store at 235 Daniel Webster Highway, which was assessed at $7.9 million in 2011 and 2012, but reduced slightly to $7.8 million last year.
Businesses such as Walgreens at 217 Daniel Webster Highway and CVS at 214 Daniel Webster Highway, have also seen steady assessments at about $2.2 million and $2.3 million, respectively, for the past three years.
Marino updated the Board of Aldermen on the city’s recent revaluation process on Tuesday.
The revaluation, which was completed last fall, decreased the city’s assessed property values from a total of $8.6 billion to a new total of $8.1 billion, or approximately $500 million less.
Overall, there has been a loss of $1.4 billion in assessed property value throughout Nashua in the last five years.
Abatement requests were on the decline prior to the revaluation, with 299 abatements filed in 2012 and about 235 abatement applications in April 2103, according to Marino.
“We do appraise properties at their highest and best use,” he said, explaining the city’s assessment department aims for 100 percent of the property’s market value in comparing sale price to assessment figures.