The South Hadley Board of Assessors announces that the fiscal year 2022 property adjustments (interim year) and valuations have been approved after review by the Department of Revenue’s Bureau of Local Assessment.
Taxpayers are reminded that these assessed values are based on calendar year 2020 sales for single family homes and condominiums. For all other property classes, both 2019 and 2020 sales were utilized. These valuations are indicative of market value on January 1, 2021 and are in no way an indication of current market values.
The Board of Assessors has analyzed the calendar year 2020 sales in order to value properties as of January 1, 2021. The market sales indicated an increase of approximately 7.5% for properties overall; however, individual classes of property vary. The median sales ratios (comparing market prices to assessed values) for the two major classes are 99% for single family properties and 97% for condominiums – meaning, the assessed values are in line with market prices. Assessed values in Massachusetts are based on "full and fair cash value", or 100% of fair market value.
The assessors are not allowed to consider non-arm’s length transactions such as family sales or foreclosure sales in their determination of new values. Commercial and Industrial properties were valued using an income capitalization method after utilizing income and expense information derived from questionnaires sent out earlier this year.
Any changes in the market which occurred during calendar year 2021 will be studied and used in the FY2023 interim year revaluation final numbers.