Town of Wilmington, Massachusetts - Determining the correct value of your property

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Determining the correct value of your property


	In order to determine if your property is valued correctly for tax purposes, you need to research a few key points. First and foremost, you need to acquire a copy of your property field card either from the Assessors Office or if the database is online, you may acquire this information on the internet. The purpose of reviewing your property record card is to determine if the Assessors have the correct property data and dimensions of your property. Next you need to review recent, comparable sales of property like your own as of the assessment date for the tax year in question. (For example, the assessment date for the Tax Year 2011 is January 1, 2010). The reason a review of comparable and timely sales is so important is because Massachusetts has adopted a standard of value which is fair cash valuation – 100% of a property’s “fair market value” or the price an owner is willing but not under compulsion to sell ought to receive from one willing but not under compulsion to buy. Once you have determined that the property information is correct and you have an understanding of market value you may reinforce your opinion by contacting local real estate professionals for their market analysis. In addition to the steps outlined above, if you have refinanced recently, the lender may have performed a market analysis which they will share with you. Lastly, if you are still not sure of the value of your property you should talk to your Tax Assessor for a full explanation of the value that has been placed on your property.

Town of Wilmington 121 Glen Road, Wilmington, MA 01887-3597
Phone: (978) 658-3311 Fax: (978) 658-3334

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