A document related to the proposed citywide revaluation of Portland is seen at a recent City Council meeting. Credit: CBS 13

Portland city councilors are hosting a workshop to discuss the possibility of a citywide property revaluation.

The state recommends towns and cities move forward with a revaluation every ten years, in an effort to get closer to a true market value. It’s been 12 years since Portland went through a citywide revaluation.

Monday night’s workshop will discuss funding the citywide revaluation project, which would be part of next year’s fiscal budget and would cost the city about $1 million.

The city’s property assessor says if the revaluation moves forward, it’s more than likely about one-third of Portland property owners will see an increase in value and potentially higher taxes. Another one third will see no change and there will also be a lot of property owners who could see property values go down.

“[Whether someone sees an increase or decrease in property taxes] is really is dependent on where they are now as opposed to what is their assessed value in relation to the true market value,” Christopher Huff, assessor for the city of Portland, told CBS 13.

City officials say it’s no secret the Portland property market is booming and they’re doing it in the best interest of the city.

Cliff White, who just purchased a condo in the city’s West End, said “my taxes will probably go up.”

“I’m of the mind that taxes are a good thing for the city if they’re spent the right way,” he told CBS 13. “Every dollar counts, and we’ll obviously be watching the issue closely to see how this affects us.”

Monday night is a workshop, so no final decision will be made. At a later date, councilors will vote on the fiscal year budget for 2019; if approved, the revaluation will move forward and be enacted in 2021.

Follow the Bangor Daily News on Facebook for the latest Maine news.