When and how is property valued?

Assessment, by law must be at market value (aka full and fair cash value) as of January 1 of each year. Every three years the Department of Revenue (D.O.R.) certifies that assessments are at market value by reviewing the sales data within the town. (Between the triennial certification periods assessed values are reviewed and adjusted if necessary. This does not have to be certified by the D.O.R.) After assessments are approved by the state the “burden of proof” lies with the taxpayer to show that they are excessive. The overview by the D.O.R. is designed to insure that values are equitable and uniform. The level of assessment is measured by how closely they approximate market value. That is, are the assessments reasonably close to what the property can sell for in a “normal” transaction? Assessment uniformity refers to the way in which all properties are valued using similar criteria and similar methodology. Questions of overvaluation and/or disagreements with an assessment are handled through an abatement process.

Show All Answers

1. What are property taxes?
2. When and how is property valued?
3. Who are the Assessors?
4. When and where does the board meet?
5. What are the Assessors’ responsibilities?
6. Why is the previous owner’s name (seller/grantor) on the real estate tax bill when I am the “new” owner?
7. How can I reduce my property tax bill? / What is an abatement? / Are there other ways to lower my taxes?
8. What is Market value?
9. What is Longmeadow’s fiscal year?
10. When are changes to the improvements applied to the property value as compared to changes in value due to market conditions?
11. What is real property?
12. What is real estate?
13. What is personal property?
14. How is the property tax rate calculated?
15. What is Proposition 2½?
16. What do I need to know about motor vehicle excise?
17. Questions or Comments