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Questions you may have when reviewing your tax bill:
* When are payments due?
Payments are due August 1st, November 1st, February 1st and May 1st. Late payments will accrue at 14%. The first two tax payments are preliminary payments. The actual bill showing the tax rate, assessed value, total annual tax and any payments made to date are shown on the third quarter bill.
* I can’t afford to pay my taxes. I’m being forced out of my home. What can I do?
This is a very troubling statement to us. Unfortunately we are obligated to place a value on the property itself and can not take into account the personal financial position of the property owners. The state legislatures however, heed this concern and have provided for a number of exemptions for individuals. If you are a disabled veteran, widowed, legally blind or over the age of 65, please contact the assessors’ office for a brochure. You may be entitled to some tax relief.
* My house was recently inspected. Are those changes in my assessment?
The assessing office maintains an extensive database of all properties in Town. A town wide inspection program was completed September 1999. Verification will continue with our full-time staff. All changes as a result of the inspections are reflected in the new assessed value.
Building permit data is reviewed on an on-going basis. Market data is critical because it is the foundation for all valuation methodologies. Therefore, all sale properties are inspected annually and market conditions are reviewed.
* Why is my assessment so high, the house down the street is bigger but is assessed lower?
Many factors affect the value of property, not just the size of the house, but also the size of the lot, style of house, quality of construction, condition, story height, location, traffic, number of bathrooms, number of fireplaces, rooms in the basement, outbuildings, pools and garages. Properties are appraised based on what comparable properties are selling for in the community.
* What was the average increase in value?
In Wellesley there are no average or cross-the-board increases in assessments. Values are adjusted for neighborhood and for the property. Most people are very quick to reduce their new assessed value to an increased percent over the previous year’s assessment. However, they should be asking themselves if it is a reasonable assessment and does it represent an approximate market value for the property. Properties will change by different amounts as each has a different combination of pricing factors.
* I recently bought my house and my assessment isn’t the same value. I thought assessed values were supposed to be market value.
Market value is determined by what a willing buyer will pay and a willing seller will sell a home for. When a property is on the market the owner will have one price in mind and the buyer has another price in mind. This is when the negotiating takes place and when the individuals involved determine the sale price and what they are willing to settle for. We all know that the negotiated sale price can change very quickly. The difficulty for the assessor is to analyze the recorded sale for all sold properties and translate them into a quantifiable measure to apply to all properties.
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