Denise Cosgrove knew it was coming. Still, the new property values that came in during Little Compton's recent statistical revaluation are staggering, she said:

"The (real estate) climate is so volatile," she said. "We have lots, small little lots, that sold for astronomical numbers. So much was up; the market is just crazy."

Statistical revaluations are mandated by the state every three years, so towns and the state can have accurate, market-based appraisals on hand to compute an accurate tax base and set the tax rate. Appraisers looked at home sales, improvements over the course of 2021 and other factors to adjust the collective value of all taxable properties in town. As a result, Little Compton's estimated base has risen from $2.16 billion to nearly $2.8 billion — an increase approaching 29 percent.

Though the exact tax rate that results won't be known until Little Compton passes its school and municipal budgets, Cosgrove said it will drop from $6.04 per $1,000 of assessed valuation, to "under $5" when tax bills go out in July.

If there are any trends to be found, she said, rising values are it. Particularly hot were capes, colonials, ranches and historic homes.

Though she did not talk about what happened with specific addresses, Cosgrove said there are many notable examples of how the real estate market affected this year's revaluation.

In one case, a house that was assessed at about $500,000 ended up selling for $1.3 million. Two three-acre lots on West Main Road, each with conservation restrictions, sold together for $3.3 million, and smaller vacant lots went from anywhere between $200,000 and $300,000. A cape on West Main assessed at $467,000 sold for $695,000 — and the list goes on, she said.

The average property value in town now sits at approximately $655,000, and the median — where the highest number of properties fell dollar-wise in the reval — sits at $993,000.

Vision Government Solutions, the firm that completed the revaluation, as just wrapping up hearings with approximately 200 property owners who had questions or concerns about their new values. Anticipating that would be the case, Cosgrove sent out postcards following revaluation notices that encouraged residents to ask questions and contact the town if they needed any more information. She spoke to at least 100 property owners herself as a result, she said.

"I expected it, because the market's crazy," she said. "Everyone's on edge, because of Covid and everything ... and the numbers are so high."

Large increases in assessment will not necessarily mean a substantially higher tax bill, Cosgrove said, depending on how much any individual property changed when compared with others around town. And with a larger tax base, the amount the town needs to raise for every $1,000 of value will go down. That's why she expects the tax rate to drop from over $6 to less than $5 per $1,000 assessed value. Still, those properties that rose more than the average could see increases, while some property owners could possibly see a reduction in taxes.

"We're going to have to adjust our tables," she said.

As for the future? Cosgrove doesn't see the numbers backing off from where they are now.

"It's different" now, she said. "I think this market is here to stay."