Town Of Wakefield: Period Of Public Disclosure Of Proposed Values FY2022 Opens Oct. 1

Press release from the Town of Wakefield:

September 30, 2021 - 10:04am

TOWN OF WAKEFIELDPUBLIC DISCLOSURE OF VALUESFISCAL YEAR 2022

Fiscal Year 2022 represents a mandatory five-year revaluation by the Massachusetts Department of Revenue’s Bureau of Local Assessment staff.  While our last revaluation was fiscal year 2017, it is important to note that the Board of Assessors performs interim year adjustments to valuations according to the same standards.

Every five years, a certification review is conducted by Bureau of Local Assessment staff to ensure the proposed values were derived utilizing a methodology based on generally accepted mass appraisal practices, are supported with current market evidence and are uniformly and equitably applied to all property. The data quality, all cost and depreciation tables, and land schedules are reviewed for all real property. In addition, income producing property are reviewed for income and expense analysis, development of the economic rent schedules, capitalization rates and correlation of the values derived from two appraisal approaches. Personal property accounts are also reviewed for appropriate listing and valuation of assets along with the cost and depreciation schedules.

The statistical audit must conform to the Commissioner of Revenue’s minimum standards for certification and are used for the purpose of measuring the level and uniformity of assessments both before and after revaluation.

Arms-length sales from calendar year 2020 were used to revalue all single-family homes and condominium units in the town. Calendar year 2019 and 2020 sales were used for all other classes of property including commercial and industrial sites. The object of the revaluation program is to estimate fair market value as of January 1, 2021 for fiscal year 2022.  For business personal property, all accounts were reviewed, many were visited and relisted.

This required revaluation resulted in an average increase of 7.3% for single family properties, 6.6% for condominiums, and 5% for commercial and industrial properties. 

As a result of this recertification, the Board of Assessors is required to have a five-day period of public disclosure of proposed valuations. This period will be from Friday, October 1 to Friday, October 8 where any property owner can call the Assessor’s Office at 781-246-6380, stop by during regular Town Hall business hours, or contact us online.

Proposed Fiscal Year 2022 valuations can be viewed online, via books at our office, and at the Wakefield Public Library.

Wakefield Board of Assessors 

This press release was produced by the Town of Wakefield.The views expressed here are the author’s own.