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REVALUATION
The Massachusetts Department of
Revenue, (DOR), requires all cities and towns to revalue all
property once every three years. DOR closely monitors the
revaluation project from planning to data quality to analysis to
conclusion. Revaluation certification by DOR is required before the tax rate can be
set for the following fiscal year.
Additionally, in the interim years, assessed values must be kept at
between 90% and 110% of full market value.
The objective of the revaluation is
to ensure that all property is fully and fairly assessed.
The Board of Assessors will use
approximately 600 property sales to set values for all 11000 parcels
in the town. The sales used are those determined to be reflective of
the market. Sales between family members or business associates, for
example, will not be used in this analysis.
DOR requires that sales be analyzed
in several different ways. Depending on the number of sales
available, these may include, among others;
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Overall |
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By use |
Residential, Commercial, etc. |
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By style |
Cape, Ranch, etc. |
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By time |
January to March, April to June, etc. |
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By price |
Lowest 25% |
This analysis will determine how
much values in a particular class have to be increased to arrive at
full and fair assessments in all classes of property. As a result,
assessments in one class may increase by a higher percentage than
assessments in another class.
Nothing in the revaluation process
effects PROPOSITION 2½ levy limits.
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