Assessed values for Fiscal 2023 are as of January 1st, 2022. They are based upon the calendar 2021 sales of similar properties. The property that sold in your neighborhood last month is not considered in the current assessments. Unlike a "Fee Appraisal" for a mortgage, Assessor's utilize "Mass Appraisal". Assessors analyze an entire year's sales, looking at assessment-to-sales ratios and different property characteristics. The analysis compares similar properties using factors such as size, location, style, age, quality, and condition. Utilizing a CAMA (Computer Assisted Mass Appraisal) system, they apply this analysis equitably across all the properties in Town. The effectiveness of this relies on accurate data to evaluate that people paid X for Y.
A word of caution, before proceeding. When filing for an abatement, assessments can go up if errors are found that need to be corrected.