What is Market value?

Market value is the major focus of most real property appraisals. Usually included in the definition is the price that a typically motivated buyer will give a typically motivated seller, as of a specified date, allowing for a reasonable exposure time in the market. It should be noted that the sale price of a property is not necessarily its market value. (An extreme example would be the sale of property to a family member for $1.00.) Also, sales of several similar homes may be a better indicator of market value than the price paid for a specific, neighboring property. Distressed sales (due to personal circumstances) or excessively overpriced homes with extended marketing time may also be suspect as market sales.

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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