The Assessors are required by Massachusetts Law to list and value all real and personal property. The val-uations are subject to ad valorem taxation on the assessment roll each year. The "ad valorem" basis for taxa-tion means that all property should be taxed "according to value". Assessed values in Massachusetts are based on "full and fair cash value", or 100 percent of fair market value. The Assessors’ Office reviews sales and the market every year and thereby reassesses values each year. Fair market value is determined by "arm’s length" sales. An "arm’s length" sale is a sale between a willing buyer and a willing seller with no unusual circumstances involved in the sale. Foreclosures, short sales, sales because of a divorce and estate sales are not arms length sales. The Bureau of Local Assessment does not allow us to use these types of sales in our sales analysis. They require there be 10 percent arms length sales used for sales comparisons, therefore the FY 2014 sales used are from July 1, 2012 to June 30, 2014.
The Assessors do not raise or lower taxes. The Assessor’s Office has nothing to do with the total amount of taxes collected. Taxes are assessed in an amount sufficient to cover the State and Local appropriations chargeable to the Town. These taxes assessed will include State assessments which have been duly certified to the Board and local appropriations voted at the Town Meeting.
The tax rate is determined by all the taxing agencies within the community, and is the basis for the budget needed to provide for services, such as schools, roads, fire, law enforcement, etc. The tax rates are simply those rates, which will provide funds to pay for those services.
In addition, the Office administers the Motor Vehicle Excise taxes, Exemptions, Sewer Betterments and Title V Betterments.
This year the composition of the Board of Assessors remained the same. Currently, Board of Assessor members are doing town wide fieldwork required for FY16 Cyclical and Revaluation of the town. By the Board members doing this in-house, the town is saving a substantial amount of money.
From the 2014 Annual Town Report
Jeff Bennett
Property taxes are a type of ad valorem tax and are calculated based on the assessment of your property’s value.
ReplyDeleteThis value is determined by your local assessor’s office.
Property assessments are done anywhere from once per year to every five years depending on state law. You usually receive your value assessment first,
and then your property tax bill later.
Your value assessment is multiplied
by the local tax rate, or millage rate, to find your property tax amount due.
This tax due can be paid as part of your monthly mortgage payment
or in annual or semi-annual payments to the local taxing authority.
Some localities may also accept monthly payments.
Local property pirate taxes fund things like schools, . Some property tax bills will show details on how much of your property taxes go where. when ? when you pay your taxes require a audit !!!!!!
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