Property Assessments

A revaluation is an update of all assessments in the city conducted under the direction of the Board of Assessors. The Board of Assessors is a state-certified individuals whose duties are to discover, list, and value all real and personal property in the city uniformly and equitably. The Board of Assessors is not involved in the collection of property taxes.

State law requires that all property in the city be assessed within ten percent of market value every five years. A revaluation is the most equitable way to accomplish this.

Most likely, yes. However, not all property values will change at the same rate. Market value will have increased more for some neighborhoods and property types than for others. Some neighborhoods and property types may have decreased in value, and others may have remained the same. One purpose of a revaluation is to ensure that the assessed values reflect the changes in property values.

Members of the assessor's staff will do the revaluation. They have many years of experience in property assessment and are familiar with the marketplace in the city. From time to time, it may be necessary to hire some outside help. Primarily, they would be utilized in the office for data entry or computer analysis.

The next revaluation is scheduled for fiscal year 2028. We will begin our analysis on January 2, 2026, and we hope to complete the work by September of that year. The resulting values will be effective as of January 1, 2027. These assessments will be the basis for the tax bill, which will be mailed in December 2027.

To make a proper assessment of a building, it is desirable that an assessor see the inside as well as the outside of the property. The law requires that property be valued from an actual view or the best information available. We will be performing a data quality control study on our existing information. If we are unable to enter your property, we will still review your assessment based on the existing records and sales of properties similar to yours.

All assessing staff will have identification. Our phone number is 978-374-2316 if you need to verify it. To ensure accurate assessment, it is to your advantage to allow the assessor inside your property when an inspection is required. You may lose some rights by denying an inspection if you need to appeal your assessment.

State law requires that your property be assessed at market value. Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to be a market value (arm's-length) sale, the seller and buyer must be unrelated, the seller must be willing (but not under pressure) to buy, the property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.

The next best evidence is the arm's-length sales of reasonably comparable properties. These are properties similar to yours in location, age, style, condition, and other features that affect market value, such as the number of bedrooms and bathrooms, and the size of the garage.

We will then consider all other factors that may affect the market value of your property. The cost to replace your building(s), less any depreciation, plus the value of the land, could be used to estimate market value. For rental properties, the income and expenses could be considered.

Your construction cost is a historical figure that may or may not reflect the current market value of your property. It is only one element that will be considered.

Generally speaking, improvements that increase the market value of a property will increase the assessment. The following examples are typical items that may increase the assessed value of your property:

• added rooms or a garage
• substantial modernization of kitchen or baths
• central air-conditioning
• fireplaces
• extensive remodeling

Regular maintenance will help retain the market value of your property, but generally will not affect your assessment.

General economic conditions such as interest rates, inflation rates, and changes in the tax laws will influence the value of real estate. As property values change in the marketplace, those changes must be reflected on the assessment roll.

There are differences between individual properties and between neighborhoods. In one area, the sales may indicate a substantial increase in value in a given year. In another neighborhood, there may be no change, or even a decrease in property values.

Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be more in demand than two-story houses or vice versa. Older homes in the same area may be rising in value more slowly than newer homes.

Among the numerous factors to be considered that will cause values to differ are: location, condition, size, quality, number of baths, basement finish, garages, and many others.

No. If you need an inspection of your property, we must review all the information we gathered before placing a value on your property. We will then review this information to ensure that your assessment matches the assessments of other properties.

After the Department of Revenue reviews the new values, there will be a public review period. This time, it will be advertised in the newspaper and website.

Talk with an assessor. During the informal public review period, you can learn how your assessment was made, what factors were considered, and what type of records we have on your property.

You must file an abatement application with the Assessing Department by the due date of the third quarter tax bill. The Board of Assessors has three months to take care of your application. They will notify you of their decision on an approved Department of Revenue form within that time.

State law puts the burden of proof on the property owner to show that the assessment is incorrect. Stating that property taxes are too high is not relevant. You should establish in your mind what you think your property is worth.

The best evidence that could be considered would be a recent sale price of your property. The next best evidence would be recent sales prices of properties that are similar to yours. The closer in similarity and proximity, the better the evidence,

Another type of evidence that could be considered would be a recent appraisal of your property.

Although the value of your property affects your share of taxes, the actual amount you pay is determined by the budgetary needs of the city. This is decided by what services will be provided in the coming year and how much money will be needed to provide these services. Once this decision is made, a tax rate is adopted that will generate the needed dollars. Your property taxes are then determined by multiplying the tax rate by your assessment. The tax rate is expressed as dollars per thousand dollars of value.

Tax Rate x Assessed Value = Taxes