Board of Assessors announce preliminary certification of fiscal year 2019 property valuations
Board of Assessors completed triennial revaluation of real and personal property
The Board of Assessors has completed the triennial revaluation of real and personal property for the purpose of local property taxation.
Massachusetts law requires that all property be assessed at its fair cash value as of January 1, 2018. This is done by analyzing market conditions during the 2017 calendar year. The Board of Assessors has conducted this analysis and adjusted assessments accordingly.
The updated valuations show a single family increase from last year of approximately 8%, bringing the average assessed value of a single family home from $659,179 to $713,872; the two family class of properties has increased approximately 10%, bringing the average assessed value from $539,910 to $591,933; the three family class of properties has increased approximately 8%, from $585,890 to $633,276. The condominium class has increased by approximately 16%, bringing the average assessed value from $471,153 to $540,035. This increase in the average assessed valuation for condominiums is due in part to several new condominium units off Brush Hill Road. The overall commercial and industrial classes of property have increased approximately 13%. The personal property class has risen 5%. The total taxable value of the town has increased from $5,630,044,457 to $6,117,913,565 an overall increase of 8.7%.
The primary increase in values are a reflection of the strong real estate market in Milton. Other increases to value could be a result of physical improvements made to a particular property. Keep in mind that 8% is the average increase for a single family dwelling, and that individual assessments may have changed more or less than the average.
The Bureau of Local Assessment within the Department of Revenue performs a comprehensive review of the Towns analysis to ensure uniform and equitable property assessments. Once all standards were met, the Commissioner of Revenue issued the Town of Milton preliminary certification.
The Town is now required to implement a program of public disclosure intended to provide taxpayers an opportunity to review the newly proposed assessments. Disclosure will take place now through November 7, 2018.
This information will be available for review by the clicking on the report “Preliminary Values by Location”, or at Assessors’ Office Monday through Thursday, 8:00 a.m. to 5:00 p.m. and Friday, 8:00 a.m. to 1:30 p.m.
At the expiration of the disclosure period the Town will seek final certification from the State and finalize assessments for tax billing.