LOCAL GOVERNMENT AND TAXATION 53 



tation of "full and true value" is that price arrived at between a will- 

 ing buyer and a willing seller. The interpretation of full value by the 

 courts is "the market value or the price which the property will bring 

 in a fair market, after reasonable efforts have been made to find the 

 purchaser who will give the highest price for it." '^^ 



A great deal of reassessment was necessitated by the hurricane of 

 September, 1938, when considerable forest land lost much of its for- 

 mer value. Selectmen had to reappraise this timber land in the spring 

 and summer of 1939. Usually a new valuation was reached by the 

 conference table method after an inspection of the property. Little 

 but commendation can be extended selectmen for their method of 

 dealing with this group of unfortunates. Furthermore, selectmen are 

 increasingly using the conference table method for appraising wealthy 

 estates and they claim excellent results. The old idea of "soak the 

 nonresident and the rich" is rapidly disappearing. Only one instance 

 was observed during the survey that would indicate a tendency to- 

 ward this type of unfairness. 



After assessments have been corrected, selectmen are required to 

 compile a complete record of original invoices. This is left with the 

 town clerk before July 1 and becomes a part of the official records of 

 the town. 



Before July 1 selectmen are required to submit to the state tax 

 commission, on a form provided, a correct summary of the town in- 

 ventory of taxable property with assessed values. This must be ac- 

 companied by a "statement of appropriations and taxes assessed," 

 which is an itemized list of town appropriations and taxes to be 

 levied for state, county, school district, and, precinct purposes. Esti- 

 mates of other income are deducted so that the resulting figure is the 

 actual amount of taxes to be levied against property. When the 

 state tax commission approves the inventory, the taxes to be assessed, 

 and the tax rate, the selectmen proceed to extend the taxes on the 

 assessment roll and issue their warrant to the tax collector on or 

 before July 1. 



There is no active "equalization" in New Hampshire in the ordi- 

 nary sense of the term. Among the duties of the state tax commission 

 as prescribed by law is the following paragraph : 



Equalization. In the year 1942, and every second year thereafter, 

 to equalize the valuation of the property in the several towns and 

 cities in the state by adding to or deducting from the aggregate val- 

 uations of the property in towns and cities such sums as will bring 

 said valuations to the true and market value of said property, so that 

 any public taxes that may be apportioned among them shall be equal 

 and just as between them, and to report to the legislature at each 

 biennial session that portion of the state tax payable from each 

 town, city and unincorporated place on the basis of such equalized 

 valuation. 42 



In addition to reassessing individual properties upon receipt of 

 complaints, the commission has been active in reassessing the real 



*i New Hampshire Reports, Volume 67, page 514. 

 ■IS Revised Laws, 1941, Chapter 82, Section 11. 



