PUBLIC DISCLOSURE OF PROPOSED ASSESSMENTS FISCAL YEAR 2022
The Assessor’s Office is nearing completion of its fiscal year 2022 property revaluation. The Massachusetts Department of Revenue has preliminarily approved the new assessments. Following the completion of the disclosure period, the city will seek final certification of assessments from the Department of Revenue.
Every five years a certification review is conducted by Bureau of Local Assessment staff to ensure the proposed assessments 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 properties. The data quality, cost & depreciation tables and land pricing schedules are reviewed for all real property. Income producing properties are reviewed for income and expense analysis, development of economic rent schedules, and capitalization rates. Personal Property accounts are also reviewed for appropriate listing of business assets, along with cost and depreciation schedules.
The fiscal year 2022 assessments should reflect 100% of fair market value as of January 1, 2021. These assessments are based on market activity (sale prices) that occurred during calendar 2020 for single family homes and residential condominiums. Calendar year 2019 & 2020 sales were used for commercial and industrial properties.
This required revaluation resulted in an average increase in assessment of 8% for single family properties, 6% for residential condominiums, 4% for commercial properties and 8% for industrial properties.
As a result of the recertification process, the Assessor’s Office is required to hold a 5-day period of public disclosure of proposed assessments. This period will run from Wednesday November 10, 2021 through Thursday November 18, 2021. Property owners can view their new assessment by clicking on the report below, or online at www.cityofnewburyport.com/assessor. The information is also available by visiting the Assessor’s Office during regular business hours, calling the office at 978-465-4403, or to inquire by email at email@example.com.
PLEASE NOTE: This period of public disclosure does not replace the lawful abatement application process that is in place once tax bills are mailed at the end of December. Based on input, assessments may or may not change during this disclosure period. Taxpayer’s who choose to challenge their assessment may do so by filing an abatement application with the Assessor’s Office during the month of January with a deadline of February 1, 2022.