The New Hampshire Supreme Court has upheld the town of Wolfeboro’s right to reassess a house site — a move that boosted the annual tax bill for a lakefront estate from $1,987 to $37,651.

The LLK Trust, Thomas R. Walker trustee, appealed a ruling issued in Carroll County Superior Court denying its request for property tax abatement. The petitioner owns 92 acres of land that includes a residence and an attached barn with 1,100 acres of frontage on Lake Wentworth, off Pleasant Valley Road in Wolfeboro.