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Residential

The market value of residential properties is determined by using the full & fair cash value of sales of similar properties from the preceding year the first of January, the assessment date. This includes all subdivisions, lot splits, and condominium conversions.

 

In communities that have accepted the provisions of Chapter 653 of the MGLS, all new construction and demolition is valued through June 30th of each year, based on January 1, assessment date. All other communities value new construction through January 1. Chapter 46 added that based on the issuance of a certificate of occupancy [LINK], the assessment and/or Pro-forma tax. This must be done unless rejected by the appropriate authority.

 

Commercial and Industrial

The market value of commercial and industrial properties is determined generally by using the income approach. This is due to the fact that, there are few market sales on which to base the value and that when a rental property is sold, the price is usually based on the income generated from the parcel.

 

When the values are completed, the City Council sets the tax rate by dividing the levy (amount to be taxed) by the total taxable value. The Bureau of Accounts must approve the tax rate prior to the sending of tax bills.

 

The taxpayer has an opportunity to review his/her property record card and check for errors or to ask questions regarding the market value and if there are any questions or errors, in their opinion, he/she needs to discuss this with the assessor or staff. If he/she is aggrieved after the discussion, they may file an abatement application with the Board of Assessors by February 1st or by mailing to the Assessors and postmarked on that date, or if the bills are mailed after January 1st unless approved by the Department of Revenue, the deadline for filing is 30 days from the date of mailing. If an abatement form is received after the deadline, the assessors have no authority to abate the bill, even if there is an err

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