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INTRODUCTION

INTRODUCTION. The purpose of this presentation is to give a brief overview of a lengthy and complex process. If you have questions or need more information, please contact the Assessing Office (see contact information on slide 15). FY11 PUBLIC FORUM Board of Assessors. FY2011.

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INTRODUCTION

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  1. INTRODUCTION The purpose of this presentation is to give a brief overview of a lengthy and complex process. If you have questions or need more information, please contact the Assessing Office (see contact information on slide 15). October 14, 2010

  2. FY11 PUBLIC FORUMBoard of Assessors FY2011 October 14, 2010

  3. FY11 PUBLIC FORUMBoard of AssessorsMASS APPRAISAL PROCESS • Analyze prior calendar year’s “arm’s length” sales (2009 for FY2011) • Adjust factors in mass appraisal computer model so sale properties reflect market value • Apply updated factors to all properties; goal is full and fair market value as indicated by sales activity • Calculate Tax Rate(s) • Board of Selectmen decides tax policies & sets rates October 14, 2010

  4. FY11 PUBLIC FORUMBoard of AssessorsSTATE REQUIREMENTS • Sales are stratified in several ways: class, neighborhoods, style, building and lot size, age, sale price, and sale date • ASR* median within 10% of 100% of full and fair market value • Within dispersion limits for various classes *Assessment to Sale Price Ratio October 14, 2010

  5. Assessment/ Classification Report TOTAL VALUE: $5,041,730,741 (FY11 PROPOSED) October 14, 2010

  6. FY11 PUBLIC FORUMBoard of AssessorsCALCULATING TAX RATE DETERMINE TAX LEVY (amount to be raised) Prior FY levy limit + 2-1/2% allowed increase + new growth + debt exclusion + override(s) Current FY Permitted Levy October 14, 2010

  7. FY11 PUBLIC FORUMBoard of AssessorsCALCULATING TAX RATE Levy (voted by town meeting) Total Property Valuation X 1,000 = Tax Rate FY10 $65,797,569 $5,026,552,229 X 1,000 = $13.09* FY11 (estimated) $66,525,315 $5,041,730,741 X 1,000 = $13.20 *Tax Rate if maximum levy limit used: $13.27 Tax Rate if at 2.5%: $25.00 October 14, 2010

  8. FY11 PUBLIC FORUMBoard of AssessorsCALCULATING TAX RATE Levy (voted by town meeting) X 1,000 = Tax Rate Total Property Value CALCULATING YOUR TAX Bill Your Total Property Value X Tax Rate = Your Annual Tax 1,000 + CPA Surcharge October 14, 2010

  9. FY11 PUBLIC FORUMBoard of AssessorsCALENDAR FISCAL YEAR 2011 Jan. 1 Jun. 30 Jul. 1 Oct. 1 Jan. 1 Feb. 1 Apr. 1 Jun. 30 2010 2010 2011 2011 Assessment New Construction Abatement Date Assessment Date Application Calendar 2009 (deemed to exist Deadline Sales on January 1st) Date Liability Fixed FY11 1st Qtr Preliminary Bill Issued FY11 3rd Qtr Actual Bill Issued October 14, 2010

  10. FY11 PUBLIC FORUMBoard of AssessorsCONCORD TRENDS • In FY2011 the total value of the town stays almost the same as FY10 • Residential property owners’ share of total tax burden continues at 91% • State aid % of budget decreases FY10 to FY11 (.02%) (Total non-tax revenues stable) • FY10 to FY11 Total Budget increase: 1.3% October 14, 2010

  11. FY11 PUBLIC FORUMBoard of AssessorsCONCORD SALES • Median home sale price: 2007* $775,000 2008 $720,000 2009 $721,100 • Median condo sale price: 2007 $469,000 2008 $370,000 2009 $342,000 *calendar year October 14, 2010

  12. FY11 PUBLIC FORUMBoard of AssessorsCONCORD PROPOSED FY11 # Quali- Median fied Sales ASR* COD** • SFR 122 .95 6.80 • Condos 26 .95 3.84 *Assessment to Sales Ratio **Coefficient of Dispersion October 14, 2010

  13. FY11 PUBLIC FORUMBoard of AssessorsFY2011 ADJUSTMENTS • Median Market Area changed; Land Curve adjusted • Market Area Factors adjusted • Some minor shifts between areas • Site indices reviewed; rarely used • Excess land rate decreased; wetlands rate increased (most removed) • Building values relatively stable October 14, 2010

  14. FY11 PUBLIC FORUMBoard of AssessorsFACTOR ADJUSTMENTS October 14, 2010

  15. FY11 PUBLIC FORUMBoard of Assessors CONTACTS 24 Court Lane (Sleepy Hollow) 8:30 a.m. to 4:30 p.m. (978) 318-3070 assessing@concordma.gov Concordma.gov (town departments: assessors) Visionappraisal.com October 14, 2010

  16. FY11 PUBLIC FORUMBoard of Assessors APPENDIX Assessors’ Duties Definitions Sample Land Values FY10 to FY11 Site Indices/Condition Factors % Change Histograms Property Record Card CAMA Cost Formula/Table Factors Valuation versus Tax Bill October 14, 2010

  17. FY11 PUBLIC FORUMBoard of AssessorsASSESSORS’ DUTIES • For all physical property, real and personal 1. Inventory all property 2. ID legal owner 3. Value each property a. As of fixed date (January 1st) b. 100% of full and fair market value 4. Classify (R,C,I,O,S,E) 5. Calculate tax rate • Administer excise taxes, special assessments and betterments, delinquent municipal charges October 14, 2010

  18. FY11 PUBLIC FORUMBoard of AssessorsDEFINITIONS Arms Length Sale: market transaction between and willing and knowledgeable buyer and seller ASR (Assessment to Sale Ratio): ratio of the assessment divided by the sales price COD (Coefficient of Dispersion): measure of deviation of the ASRs from the median ASR DOR (Department of Revenue): branch of state government responsible for oversight of assessing operations. IYA (Interim Year Adjustment): Years in between revaluation years requiring only summary reports from a town in order to have the tax rate approved. Revaluation Year: a year-long process during which the DOR examines every aspect of an assessing operation before certifying property values. October 14, 2010

  19. FY11 PUBLIC FORUMBoard of AssessorsINTERIM YEAR • State requirement for all cities and towns to undergo revaluation every third year • Interim year adjustments in the two years in between keep property valuations in line with the market to follow annual fluctuations October 14, 2010

  20. FY11 PUBLIC FORUMBoard of AssessorsLAND VALUATION October 14, 2010

  21. FY11 PUBLIC FORUMBoard of AssessorsSITE INDICES/CONDITION FACTORS SITE INDEX A factor in addition to Market Area factor to denote a variance in a group of properties from other surrounding properties Rarely used, but usually forms a pattern, such as an area within a market area that is more or less desirable. For example: highest point in a neighborhood or properties along a river. CONDITION FACTOR A factor in addition to Market Area and Site Index that is applied to an individual property for a condition that impacts the marketability of the property. Examples: abutting a railroad, easement that impairs access to or utility of the property Very rarely used. BOTH MUST BE USED CONSISTENTLY AND SUPPORTED BY SALES DATA October 14, 2010

  22. FY11 PUBLIC FORUMBoard of AssessorsFY10 TO FY11 October 14, 2010

  23. FY11 PUBLIC FORUMBoard of AssessorsFY10 TO FY11 October 14, 2010

  24. FY11 PUBLIC FORUMBoard of AssessorsFY10 TO FY11 October 14, 2010

  25. FY11 PUBLIC FORUMBoard of AssessorsPROPERTY RECORD CARD October 14, 2010

  26. FY11 PUBLIC FORUMBoard of AssessorsPROPERTY RECORD CARD October 14, 2010

  27. FY11 PUBLIC FORUMBoard of AssessorsCOST FORMULA • OUTPUT FROM STORED PROCEDURE • REPORT GENERATED ON 14-OCT-2010 AT 01:01 • ***************Building #1 Calc Start******************* • Cost Calculation for pid, bid = 1443,1443 • Account Number = 1443 • Use Code = 1010 • Cost Rate Group = SIN • Model ID: P01 • Section #1 • Base Rate: 117 • Size Adjustment: .99675 • Effective Area: 2887 • Adjusted Base Rate = (117 + 0) * .99675 • Adjusted Base Rate: 116.62 • RCN = (((116.62 * 2887) + 12000) * 1.1) + 0 • RCN: 383550 • **************Base Rate Adjustments******************** • FLOOR COVER 1 12 (Hardwood) = 2.34 + BaseRate • EXTERIOR WALL 1 25 (Vinyl Siding) = -2.34 + BaseRate • **************Flat Value Additions********************* • FULL BATHS = 10000 + RCN • HALF BATHS = 2000 + RCN • **************Factor Adjustments*********************** • GRADE ADJUSTMENT 04 = 1.1 x RCN • Percent Good = 82 • RCNLD: 314500 • ******************************************************* October 14, 2010

  28. FY11 PUBLIC FORUMBoard of AssessorsINTERPRETATION OF COST FORMULA October 14, 2010

  29. FY11 PUBLIC FORUMBoard of AssessorsFACTOR ADJUSTMENTS MARKET AREA FACTORS Proposed 2009 20102011 ASR # SALES • Annursnac 0.90 1.00 0.78 .97 4 • Virginia Rd/Bedford St 0.94 0.94 0.76 .94 15 • Old Marlboro/ORNAC 1.05 1.05 0.90 .93 14 • Downtown/Author’s Ridge 1.80 1.80 1.45 .97 19 • Strawberry Hill/Lowell Rd 1.05 1.25 1.01 .97 9 • Monument St 2.60 2.70 2.25 .94 2 • Plainfield Rd/White Pond 1.04 1.04 0.82 .93 7 • So. of center/Nimrod/Adams 1.28 1.28 1.00 .92 21 • Thoreau Hills 0.80 0.90 0.73 .96 7 • West Concord 1.00 1.00 0.81 .97 16 • Nashawtuc Hill Area 2.70 3.00 2.55 .94 1 • Ea. of Center/Lower Monument 2.50 2.50 2.02 .93 4 • Mattison Farm/Garfield 1.05 1.25 0.90 1.00 3 October 14, 2010

  30. FY11 PUBLIC FORUMBoard of AssessorsFACTOR ADJUSTMENTS STYLES ASR# SALES 1 Ranch .93 10 2 Old Style .92 13 3 Colonial .95 30 4 Cape Cod .97 14 6 Conventional .97 25 7 Contemporary .96 17 8 Raised Rnch/Split Lvl .92 7 60 Century .91 6 55 Condo .95 26 October 14, 2010

  31. FY11 PUBLIC FORUMBoard of AssessorsFACTOR ADJUSTMENTS STYLES 200920102011 • Ranch $100 $ 90 $ 90 • Old Style 153 142 150 • Colonial 125 117 117 • Cape Cod 118 110 110 • Bungalow 105 80 85 • Conventional 143 140 140 • Contemporary 112 104 104 • Raised Ranch/Split Level 104 90 90 • Family Flat, 2-Family 135 130 130 • 3-Family 135 120 120 • Century 200 170 170 100 Custom 200 170 170 55 Condo 275 248 248 October 14, 2010

  32. FY11 PUBLIC FORUMBoard of AssessorsFACTOR ADJUSTMENTS October 14, 2010

  33. FY11 PUBLIC FORUMBoard of AssessorsFACTOR ADJUSTMENTS DEPRECIATION Effective Base Year Changed to 2010 Maximum % Deducted Poor 45 Fair 35 Average 30 Good 25 Very Good 20 Excellent 10 October 14, 2010

  34. FY11 PUBLIC FORUMBoard of AssessorsVALUATION vs. TAX BILL October 14, 2010

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