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RLP 11/06/2014 Board of Assessors FY2015 Public Forum FY2015 Assessment Process Assessment as of January 1, 2014 Tax Year July 1, 2014 - June 30, 2015.

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Presentation on theme: "RLP 11/06/2014 Board of Assessors FY2015 Public Forum FY2015 Assessment Process Assessment as of January 1, 2014 Tax Year July 1, 2014 - June 30, 2015."— Presentation transcript:

1 RLP 11/06/2014 Board of Assessors FY2015 Public Forum FY2015 Assessment Process Assessment as of January 1, 2014 Tax Year July 1, June 30, 2015 (FY 15) 1

2 RLP 11/06/2014 Board of Assessors FY2015 Public Forum 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 17). 2

3 RLP 11/06/2014 Board of Assessors FY2015 Public Forum DEFINITIONS Arms Length Sale: market transaction between a 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 recertification years requiring only summary reports from a town in order to have the tax rate approved. Re-Certification Year: a year-long process during which the DOR examines every aspect of an assessing operation before certifying property values. 3

4 RLP 11/06/2014 Board of Assessors FY2015 Public Forum RE-CERTIFICATION YEAR  State requirement for all cities and towns to undergo re-certification valuation every third year  Interim year adjustments in the two years in between keep property valuations in line with the market to follow annual fluctuations 4

5 RLP 11/06/2014 Board of Assessors FY2015 Public Forum MASS APPRAISAL PROCESS  Analyze prior calendar year’s “arm’s length” sales (2013 for FY2015)  January 1, 2014 Assessment Date and FY15 Tax Levy  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 certain tax policies. 5

6 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Board of Selectman Tax Policies.  Uniform Tax Rate or Split Tax Rate All classes of property pay at the same tax rate or Commercial/ Industrial and Personal Property pay at a higher rate and Residential pay at a lower rate.  Open Space Discount Property designated as Open Space receive a tax discount (none currently designated)  Residential Exemption Shift of tax burden within the residential class (Higher valued property pay a greater portion of tax)  Small Business Exemption Shift of tax burden within the Commercial class (Higher valued property pay a greater portion of tax) 6

7 RLP 11/06/2014 Board of Assessors FY2015 Public Forum STATE 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  With a Coefficient of Dispersion <10% *Assessment to Sale Price Ratio 7

8 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Assessment/ Classification Report TOTAL VALUE: $5,412,298,562 (FY15 PROPOSED) Up 5.5% (Still below FY 08 level ) 8

9 RLP 11/06/2014 Board of Assessors FY2015 Public Forum CALCULATING TAX RATE (determine the levy) DETERMINE TAX LEVY (amount to be raised) Prior FY levy limit $72,879, /2% allowed increase $ 1,821,988 + Fy 2014 new growth$ 2,462 + new growth $ 835,499 + debt exclusion $ 5,444,495 + override(s)$ 0 Current FY Permitted Levy $80,983,950 FY 2015 Estimate from the Finance Committee Report April

10 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Levy ( Town Meeting approved budget less non tax resources ) Total Property Valuation X 1,000 = Tax Rate FY14 actual $74,135,633 $5,130,493,662 = $14.45 P er $1,000 of Assessed Valuation FY15 ( Estimate of Tax levy is from April 2014 Finance Committee Report ) $77,336,233 $5,412,298,562 X 1,000 = $14.29 *Tax Rate if maximum levy limit used: $14.96 Tax Rate if at 2.5%: $25.00 ( referred to as the Absolute Cap which cannot be exceeded even with voter-approved debt exclusion and override ballots ) CALCULATING TAX RATE (determine the uniform rate) 10

11 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Levy 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 1.5% Surcharge ( (Property Value- $100,000)÷1000) X Tax Rate X.015 = CPA Surcharge CALCULATING TAX RATE (determine your bill) 11

12 RLP 11/06/2014 Board of Assessors FY2015 Public Forum CALENDAR FISCAL YEAR 2015 Jan. 1 Jun. 30 Jul. 1 Oct. 1 Jan. 1 Monday Apr. 1 Jun Feb Assessment New Construction 2 nd Qtr. Abatement 4 th Qtr. Date Assessment Date Bill Issued Application Bill Issued Calendar 2013 Deadline Sales Date Liability Fixed FY15 1 st Qtr. Preliminary Bill Issued FY15 3rd Qtr. Actual Bill Issued 12

13 RLP 11/06/2014 Board of Assessors FY2015 Public Forum CONCORD TRENDS  In FY2015 the total value of the town has a 5.55 % increase over FY14 with Growth accounting for 20% of the change.  Taxable Value Change by Class of Property  Residential +6.01% Commercial +.002%  Industrial +6.45% Personal Property +.003%  Share of total tax levy from Residential property continues at 91% 13

14 RLP 11/06/2014 Board of Assessors FY2015 Public Forum CONCORD SALES by Fiscal Year  Median Single Family home sale price: 2010$730, $767, $767, $786, $730, $881,000  Median condo sale price: 2010$384, $420, $472, $436, $384, $407,000 Just a measure of what is selling, not of median assessed values town-wide 14

15 RLP 11/06/2014 Board of Assessors FY2015 Public Forum CONCORD FY15 ASR and COD # Quali- Median fied Sales ASR* COD**  SFR  Condos *Assessment to Sales Ratio**Coefficient of Dispersion 15

16 RLP 11/06/2014 Board of Assessors FY2015 Public Forum FY2015 ADJUSTMENTS  Base Land Values increased 10% Townwide  Market Area Factors had some minor shifts  Site indices reviewed and not changed; rarely used except for abutting the Railroad, and Route 2  Excess land rate reviewed; increased by 10% ($30,000 to $33,000 per acre) Note: Excess Land is the land over the 80,000 square foot prime lot area  Building Construction Values reviewed and adjusted 16

17 RLP 11/06/2014 Board of Assessors FY2015 Public Forum 24 Court Lane (Sleepy Hollow) 8:30 a.m. to 4:30 p.m. (978) Concordma.gov (town departments: assessors) Visionappraisal.com Contacts 17

18 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Fy 2015 Sales Spreadsheet Assessment Data The Assessment Process FY 2015 How to Read your Property Record Card Abatement Application Definitions used in Mass Appraisal Web Page Data 18

19 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Assessors’ Duties Definitions Sample Land Values FY14 to FY15 Site Indices/Condition Factors Property Record Card Table Factors Valuation versus Tax Bill Appendix 19

20 RLP 11/06/2014 Board of Assessors FY2015 Public Forum ASSESSORS ’ 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 1 st ) b. 100% of full and fair market value 4. Classify (R,O,C,I,P,E) 5. Calculate tax rate  Administer excise taxes, special assessments and betterments, delinquent municipal charges such as light and water bills. 20

21 RLP 11/06/2014 Board of Assessors FY2015 Public Forum MARKET AREA FACTORS Calendar SFR SALES 21 Annursnac Virginia Rd/Bedford St Old Marlboro/ORNAC Downtown/Author’s Ridge Strawberry Hill/Lowell Rd Monument St Plainfield Rd/White Pond So. of center/Nimrod/Adams Thoreau Hills West Concord Nashawtuc Hill Area East of Center Mattison Farm/Garfield

22 RLP 11/06/2014 Board of Assessors FY2015 Public Forum RESIDENTIAL SITE 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. Also used for Route 2 and the Rail Road influences. 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: easement that impairs access to or utility of the property.Very rarely used. BOTH Must be used consistently and supported by sales data 22

23 RLP 11/06/2014 Board of Assessors FY2015 Public Forum LAND VALUATION Sample of Land Values FY 2014 to FY 2015 FY 2014 FY 2015 Area S.F.Base ValueMkt AreaMA Factor ValueBase ValueMA FactorValue 10,000288, ,225317, ,790 20,000339,600 Annursnac/ Conantum ,660373, ,560 30,000378, ,555416, ,685 40,000391, ,520430, ,840 60,000401, ,190441, ,360 10,000288, ,755317, ,484 20,000339,600 Thoreau Hills ,948373, ,576 30,000378, ,329416, ,626 40,000391, ,456430, ,064 60,000401, ,882441, ,456 23

24 RLP 11/06/2014 Board of Assessors FY2015 Public Forum SALES RATIO BY STYLE SALES RATIO BY STYLE STYLES ASR# SALES 1Ranch Old Style Colonial Cape Cod Bungalow Custom Colonial Contem/Modern Raised Rnch/Split Lvl Century Custom Condo

25 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Base Rate by Style Base Rate by Style STYLES FY2012FY2013FY2014FY Ranch$ 97$100$104$112 2 Old Style Colonial Cape Cod Bungalow Custom Col Contem/Modern Ra Ran/Split Lev Family Family Century Custom *55 Condo * Rates adjusted by complex. 25

26 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Condo Complex Factors Condo Complex Factors No.ComplexFactor Bedford St Belknapp St Belknapp St Center Village Walden Condos A-330B Commonwealth Ave Commonwealth Ave Concoed Greene Cranberry Ln Crest St Davis Co Everett Everett Garfield Woods Concord Homes Highland Hubbard St Hubbard St Hubbard St Hubbard St Milldam Square Benjamin Barro Prescott Moo Lowell Rd Main St Main St Willowgate Village Meadow Foxfarm Condominium Wheeler Farm Riverside South Meadow0.59 No.ComplexFactor 34Concord Village Emerson Annex Sudbury Rd Sudbury Rd Tanglewood Thoreau Ct Thoreau Thoreau Thornton Man Moses Pond Westvale Wright Farm Concord Woods Damon mill Sq John Cummings Main St Junction Square Millbrook Tary Milldam Firehouse Wayside Square Main St Winthrop CommnW Elm Brook Gormley Hm Main St Harrington Main St Highland Derby St Riverbend Condominium

27 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Condo Complex Factors Continued Condo Complex Factors Continued No.ComplexFactor 66Greenfield Ln Hubbard Elsinore Barretts Commonwealth Commonwealth Studley Derby St Main St Main St Main St Cottage Ln Baker Homes Spillway Comm Ave Bartkus Farm Highland Mirriam Close Elm Court Court Lane Burke Farm Belknap White Ave Straw Hill Davis Sq Finigan Way Mon St/Rvr Rd Concord Commons Riverwalk Lalli Woods Bedford St Granite Post Grant St Shaw Farm Bedford Ct Warner St

28 RLP 11/06/2014 Board of Assessors FY2015 Public Forum VALUATION vs. TAX BILL FY 14 FY 15 % Change A.Total Value of Concord$5,130,493,662$5,415,197, % B.Total divided by 1,000$5,130,494$5,415, % C.Tax Levy$74,135,633$77,336, % D.Tax Rate (Levy "C" Divided by "B")$14.45$14.28(1.18)% Tax Rate subject to DOR approval and adoption of tax rate uniformity. E.Average SFR Property Value$847,682$901, % F.Median SFR Property Value$680,400$732, % 28


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