SOMERVILLE TX UPDATE
A property tax update for FY2023 will become available at the end of the calendar year.ĭear Residents and Taxpayers of Somerville:įiscal Year 2022 is a State Department of Revenue (DOR) interim adjustment year for the Board of Assessors. Please Note: FY 2022 ended on June 30, 2022. Approximately 100 communities in Massachusetts opt each year to shift the tax burden from residential to commercial, industrial, and personal property classes rather than to apply the same rate to all classes of property. The tax rate applicable to commercial, industrial and personal property may be higher than applied to residential properties. The City may then allocate the tax levy among the classes of real property within prescribed statutory limits. Under Proposition 2 ½, there are limits on the amount of the levy raised by a city or town and on how much the levy can be increased from year to year.Īssessors annually classify all real property into one of four real property classes either residential, commercial, industrial, or open space. The property tax levy is the revenue a community can raise through real and personal property taxes. A complete statistical analysis is performed and must meet Department of Revenue standards to satisfy the Commissioners Standards of Performance in order to meet annual and triennial certifications before tax bills may be mailed. Property measurements and current conditions of property are then updated on all sales. Letters are sent to buyers and sellers to attest to the Arm's Length Nature of the sale to determine if there were special circumstances involved and to determine the condition of the property on the date of sale.
SOMERVILLE TX VERIFICATION
In order to determine market value, a sales verification process is started by members of the assessing staff. Assessors must use accepted Massachusetts’ appraisal techniques to value property.
SOMERVILLE TX FULL
Full and fair cash value is the amount a willing buyer would pay a willing seller under no special circumstances and given a reasonable exposure to the market. In the late 1970s, the Massachusetts Supreme Court in the Sudbury Decision ruled that property values would be based on 100% full fair cash market value. In Massachusetts, the property tax is an ad valorem (based on value) tax. Under the provisions of Massachusetts General Laws, Chapters fifty-eight to sixty-five C, the Board of Assessors fall under the jurisdiction of the Commissioner of Revenue who may revise rules, regulations, and guidelines, as deemed necessary to establish minimum standards of assessment performance.
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