MINOT — Town officials Monday night reviewed the revaluation process that should result in a tax rate being set later this summer.

The town had paid John E. O’Donnell & Associates Inc. of New Gloucester $150,000 to undertake a townwide revaluation to keep assessed values in sync with market values.

The revaluation takes into account new construction and improvements made to existing structures and properties over the intervening years as well as market value changes.

Also, in order to get full state funding for subsidized residential programs, such as the Homestead Exemption, the town’s total assessed value must remain current, Town Administrator Danielle Loring said Tuesday.

It had dropped to roughly 80% of current state market value, she said.

The new assessment process began last fall.

Selectmen have begun reviewing the new assessed values of each property, looking for any outliers or other possible errors, Loring said.

On June 19, Loring will give the New Gloucester company the go-ahead to make necessary adjustments to the updated values before hearing notices will be sent out on June 27, she said.

“Every tax property tax bill or account will get a letter in the mail stating what their current assessed value is and what their new assessed value is,” Loring said. “And then … what the potential tax rate will mean in terms of change in taxes for them versus last year.”

Any property owner may request a hearing with the appraisal company to discuss their new property values on certain days during the week of July 11 or during another time if they’re not available during one of those dates, Loring said.

“We’re hoping to flush out all the numbers and get everything adjusted, and then we will actually commit taxes either on July 25 or Aug. 8,” she said, by establishing a new tax rate for the upcoming fiscal year.

Inflation hit home for town officials who had to lock in purchase of salt this year at $80.10 per ton, up from $57 per ton last year.

The town uses roughly 1,000 tons of salt per year, she said.

Although the higher price means the town will be over budget for its salt purchase this year, Loring said, “it’s a necessary expense in order to keep our streets safe. But we do everything in our power to make sure that we’re utilizing our resources properly.”