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How to Interpret Your Property Tax Bill

How to Interpret Your Property Tax Bill

Now some helpful hints on how to interpret your Real Estate Property Tax Bill which were mailed out on December 31, 2021. Once you receive your property tax bill you should make sure the information is accurate by reviewing the following information including the assessed value of your property.

  1. Property Description- the address of the property being assessed
  2. Parcel ID – This is the location of your property on the assessor’s map.
  3. Land Area – This is the amount of square footage per your deed
  4. Class Code- This is an important code as it identifies how your property is classified. Common codes are 1010 (residential – single family) other codes can be found in the Property Type Classification Codes Guideline from the DLS (Division of Local Services).
  5. Book/Page- This information comes from your deed.
  6. The name and address of the property owner
  7. Tax Rate – As recommended by the Board of Assessors and approved by the Board of Select. Also defined as the Tax Levy divided by the Total Value of all the real estate properties in the town as of January 1, 2020.
  8. Total Value- The Assessed Value of your property per the Assessor’s Office and the Assessors. This is the amount used to calculate your taxes.
  9. Real Estate Tax- This is the Total (Assessed) Value times the Tax Rate (Example $372,400 times $16.62/1000 = $6,189.29)
  10.  Community Preservation Administration- This is a separate charge not part of your property tax but included in your property tax bill and payment process and is calculated by subtracting $100,000 from your Total Value and multiplying that amount times the Tax Rate and then by multiplying the resultant value by 3%. (Example $372,400 less $100,000 = $272,400 times $16.62/1000=$4,527.29 times 3%=$135.82)

If you discover there is an error on your Real Estate Property Tax Bill you should contact the Assessor’s Office as soon as possible. Our number is 781-659-8014.

Once you have determined that all the information is correct. You have to make a determination if you feel the Total Value (in this example $372,400), as calculated by the Assessor’s Office and the Board of Assessors, reflects the fair cash value of your property as of January 1, 2021. FYI, fair cash value means fair market value (FMV) which is the price a willing buyer and a willing seller would settle upon in an open market transaction.