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How are assessments determined?
To arrive at "full and fair cash value" for your property, the Assessors must analyze what "willing sellers" and "willing buyers" are doing in the marketplace. The assessment date is January first (other than new construction or demolition which is July 1) and therefore the Assessors will analyze sales from the prior calendar year to determine the level of assessment in comparison with the market. (Example: January 1, 2015 is the assessment date for Fiscal 2016 therefore the Assessors will analyze calendar year 2014 qualified market sales. These sales do not include family sales, sales to abutters, estate sales, divorce sales etc.) The Assessors will use 3 appraisal approaches to value: cost, income and market. The data, once analyzed, is then correlated to final values for all properties. The analysis must also meet all standards as set forth by the Department of Revenue for certification.

Show All Answers

1. What is a revaluation?
2. Why is a revaluation necessary?
3. How are assessments determined?
4. What is Mass Appraisal?
5. What is market value (a.k.a. full and fair cash value)?
6. What if there hasn't been a recent qualified sale of my property?
7. Will all property values change?
8. How can my assessment change when I haven't done anything to the property?
9. Will I be notified of a change in my assessment?
10. How will my taxes change as a result of my new assessment?
11. Why is my single-family home valued differently than my neighbor's 2-family?
12. Where can I find more information on revaluation?
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