Hooksett homeowners received their revalued property quotes last week and have until Oct. 24 to appeal the new value to the town’s property assessor.

Before new cards were sent last week, about 40 residents turned out to a meeting hosted by the state Department of Revenue that briefly outlined the revaluation process that occurs in every New Hampshire town once every five years.

Hooksett resident Greg Weir was one of about 40 concerned local homeowners who attended the informational meeting. He, like many others, was concerned that that a potentially higher property value will increase the amount he owes in taxes.

“Are our taxes going to go up?” he asked. “Are they going to skyrocket? (The revaluation process) is based on a software program that has nothing to do with the stock market. It doesn’t have feelings. It doesn’t give a hoot.”

Hooksett is currently at the tail-end of the state-mandated five-year revaluation process of all property. The new revalutions statements declare the current fair market value of homes and businesses as of April 1, 2008 – the beginning of the state’s tax year.

David Hynes, a representative from the state Department of Revenue, was on hand to answer questions and briefly explain the process.

Hynes said revaluations are generally emotional because residents like Weir worry that a higher property value will equate to a higher tax bill. “Everyone wants a milliondollar house, but they only want to pay taxes on $10,000,” Hynes said. “That’s just not how it works.”

In fact, Hynes explained to several concerned residents, the dollar figure on the individual tax bills have less to do with the updated property values than it does with the town budget that was set last spring.

“Your taxes are relative to what you, as taxpayers, allowed (the town) to spend,” he said. A general rule of thumb that has historically applied to revaluations is one-third of property values increase, another third stay the same and the final third decrease.

Hooksett Town Councilor George Longfellow attended the Oct. 15 meeting and said everyone at that meeting is wondering which third their property will fall into.

“It’s money. You’re into people’s pockets and that gets emotional,” Longfellow said. “Everyone assumes just because their assessment goes up they will owe more taxes. But this money is already spent. It’s what they approved last spring.”

Tax bills are expected to be sent later next month.