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A Newsletter by the City of Saco, Maine	February, 2005	Return to newsletter index

Commercial valuations

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Commercial properties are 25 percent of the City of Saco's total valuation.

For an assessing department, commercial properties may be problematic to appraise because very few sell in any given year. Most communities hire outside firms to appraise these properties. Saco is no exception to this rule.

This year my department will engage several firms to determine the true market value of various commercial parcels. We expect to use many different firms as the years go by because many firms have expertise in specific property types.

As a matter of fairness, I expect to do specific groups all in one year. By way of example, we would have one company appraise all major apartment projects in one year. The next we may do all the older business districts.

This year my focus is on utility properties. I am in the process of selectiing firms to do the water company and the hydro facility.

One event that is of interest this year is our two golf courses. Through the Tri City efforts, Saco, Biddeford and Old Orchard Beach engaged one firm to do four courses in our three communties. The savings by doing one bid one firm saved $7,500.