Board of Assessors to Hold Hearing on Home Values

The Board of Assessors invites all citizens to a Public Forum Thursday, Oct.
14, in the Hearing Room at the Town House. They will present information
about the changes to expect as a result of the FY11 Interim Year Adjustment.

Each year the Town analyzes the market sales from the prior year. From that analysis the tables in the computer aided mass appraisal (CAMA) system that are used to calculate property values are adjusted in order to bring the valuations to market value. For FY11 the calendar year 2009 sales are analyzed. The goal is to have property values at or near 100 percent of market value as of January 1, 2010. Note that assessments are reflective of a prior market, not predictive of current market prices.

This year the land valuation formula was significantly changed. The Town is divided into sections that have a multiplier on the land that is developed to reflect the variances in the sales prices due to location. In FY10 these multipliers ranged from 0.9 to 3.0. For FY11 the range is 0.73 to 2.55, and the land curve (reflecting the cost per square foot of the primary land line) was increased proportionately.

The primary land line is the land area up to 80,000 square feet. Another change was reducing the unit price for excess land (any area on a parcel not considered a buildable lot) and eliminating the separate wetlands rate that had been used.

There are dozens of elements that are used to describe each property in town. These are entered into the CAMA system to develop property values. Please come to the forum to learn more about the assessing process. The meeting will also be shown on CCTV.

The session is informal, and discussion and questions are strongly solicited. Come hear board members discuss their findings and what that means to property values. This is your opportunity to provide input before the values are finalized. The Assessors welcome all public participation in the process and encourage everyone to attend. Questions, please call (978) 318-3070.