In this Sept. 29, 2020, file photo, a sale pending sign is displayed outside a residential home for sale in East Derry, New Hampshire. Credit: Charles Krupa / AP

The city of South Portland is warning homeowners that their property taxes could jump as much as 30 percent this year after a revaluation.

The city’s assessor, Jim Thomas, said the increase is the result of homes selling above list price.

“In the last five years, what’s taken place in the residential real estate market is unprecedented. Property values across southern Maine have increased, just incredibly. Like 6 percent or 7 percent or 8 percent per year, each year,” he said.

Commercial property values have not accelerated at the same pace, Thomas said, and that has resulted in a shift in the burden of property tax to residential property owners. He said there are some programs available to mitigate the cost of tax increases, such as the Homestead Exemption.

The South Portland City Council is holding a budget meeting at 6:30 p.m. Tuesday.

This article appears through a media partnership with Maine Public.