- Finance & Budget
- Understanding Assessments
- Assessing & the Fair Market Value
Assessing & the Fair Market Value
Annual AdjustmentsThe General Laws of the Commonwealth of Massachusetts require that each city and town keep all real estate assessments current. The State now requires that adjustments to assessments be made on an annual basis. An annual adjustment process should control some of the large changes in your assessment that could have occurred when using a triennial update process. The laws still require that the Department of Revenue inspect the town’s revaluation process every five years.
The process of setting your property assessment involves studying sales of property in Andover that occurred within specific time periods. As an example, the fiscal year 2018 assessments are calculated to reflect the value of your property as of January 1, 2017. The sales used in the analysis for FY2018 are the sales that occurred in 2016.