At the August 14, 2023 Town Council meeting Tax Assessor Clinton Swett provided the council with an update on the Town-wide revaluation process which first began in 2019.  "This is the longest revaluation in town history," Swett said, due to the onset of the COVID pandemic in 2019.  However, "We are nearing the finish line," he added.  Value-change letters will start going out the week of August 28.  This is one week later than originally stated at the council meeting.

The value-change letters will communicate the homeowner's fair market property value using sales in Cape Elizabeth from April 1, 2022, through March 31, 2023.  New tax estimates will not be included.  An estimated mil rate will be included.  Importantly, Swett emphasized that owners should not apply the current mil rate to the new value as the mil rate will be dropping to account for the large increase in assessments.  Th mil rate is the Town's budget divided by the Town's total valuation; when the total valuation increases, the mil rate becomes smaller.  

When the tax commitment process and the values are set, the mil rate will be officially set at that time (after Labor Day).  Once the new town-wide valuations are finalized, the values will be available for public viewing on the town's website.

Once letters are received, homeowners may appeal the new value if if they feel the assessed value is incorrect.  Swett said, "If you feel like you have been wildly over assessed," contact KRT Appraisal via phone (#885-228-4033) to request an informal appeal.  KRT Appraisal assisted in the revaluation process.  According to state statute, an appeal may be made up to 185 days (roughly 6 months) after taxes have been committed.  Upon the tax committment, tax bills will be mailed at the end of September and will be due on October 15 and April 15, 2024.

In the event of an official appeal, Swett encouraged everyone to pay the first tax bill in full by the due date in order to avoid penalty fines.  Any adjustments to the assessed value which show an abatement to the tax bill would be deducted from the April 15, 2024 tax bill.