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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, 2014 - 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 $72,879,506 + 2-1/2% 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 2014 9

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. 30 2014 2014 Feb. 2 2015 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$730,0002013$767,750 2011$767,7502014$786,500 2012$730,0002015$881,000  Median condo sale price: 2010$384,0002013$420,000 2011$472,0002014$436,000 2012$384,0002015$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 161.95 5.39  Condos55.95 4.98 *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) 318-3070 assessing@concordma.gov Concordma.gov (town departments: assessors) Visionappraisal.com Contacts 17

18 RLP 11/06/2014 Board of Assessors FY2015 Public Forum http://www.concordma.gov/pages/ConcordMA_assessor/index 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 13 2013 2014 2015 SFR SALES 21 Annursnac0.850.85 0.85 3 22 Virginia Rd/Bedford St0.750.75 0.8016 23 Old Marlboro/ORNAC0.810.81 0.8114 24 Downtown/Author’s Ridge1.351.35 1.3018 25 Strawberry Hill/Lowell Rd0.870.87 0.8221 26 Monument St2.302.30 2.26 3 27 Plainfield Rd/White Pond0.800.80 0.84 6 28 So. of center/Nimrod/Adams1.001.00 1.0038 29 Thoreau Hills0.630.63 0.6611 30 West Concord0.780.78 0.7822 31 Nashawtuc Hill Area2.352.35 2.18 4 32 East of Center1.901.90 1.95 3 33 Mattison Farm/Garfield0.790.79 0.79 2 161 21

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 10,000288,500210.85245,225317,4000.85269,790 20,000339,600 Annursnac/ Conantum 0.85288,660373,6000.85317,560 30,000378,3000.85321,555416,1000.85353,685 40,000391,2000.85332,520430,4000.85365,840 60,000401,4000.85341,190441,6000.85375,360 10,000288,500290.63181,755317,4000.66209,484 20,000339,600 Thoreau Hills 0.63213,948373,6000.66246,576 30,000378,3000.63238,329416,1000.66274,626 40,000391,2000.63246,456430,4000.66284,064 60,000401,4000.63252,882441,6000.66291,456 23

24 RLP 11/06/2014 Board of Assessors FY2015 Public Forum SALES RATIO BY STYLE SALES RATIO BY STYLE STYLES ASR# SALES 1Ranch.93 7 2Old Style.96 19 3Colonial.95 63 4Cape Cod.93 13 5Bungalow.98 3 6Custom Colonial.96 24 7Contem/Modern.95 13 8Raised Rnch/Split Lvl.95 14 60Century.94 3 100Custom.95 2 55Condo.95 55 24

25 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Base Rate by Style Base Rate by Style STYLES FY2012FY2013FY2014FY2015 1 Ranch$ 97$100$104$112 2 Old Style 153 142 142 150 3 Colonial 127 122 124 126 4 Cape Cod 110 108 112 119 5 Bungalow 90 89 89 97 6 Custom Col 135 131 127 127 7 Contem/Modern 112 113 110 110 8 Ra Ran/Split Lev 104 101 101 118 9 2-Family 108 108 108 105 10 3-Family 117 117 117 115 60 Century 165 160 165 165 100 Custom 160 155 160 160 *55 Condo 243 230 230 243 * Rates adjusted by complex. 25

26 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Condo Complex Factors Condo Complex Factors No.ComplexFactor 1340-342 Bedford St 1.21 2126-128 Belknapp St 1.19 3137-139 Belknapp St 1.50 4Center Village 0.84 5Walden Condos 0.45 6 330A-330B Commonwealth Ave 0.85 7349-351 Commonwealth Ave. 0.95 8Concoed Greene 0.90 9Cranberry Ln 0.65 10Crest St0.95 1119-21 Davis Co1.05 1248-40 Everett1.15 1355-57 Everett1.20 14Garfield Woods0.80 15Concord Homes0.65 1617-19 Highland0.90 1735 Hubbard St0.95 18103-105 Hubbard St1.00 19150 Hubbard St1.17 20149-151 Hubbard St0.99 21Milldam Square1.45 22Benjamin Barro0.90 23Prescott Moo1.00 2436-40 Lowell Rd1.00 25419-421 Main St0.90 261063-1065 Main St0.95 28Willowgate0.80 29Village Meadow1.00 30Foxfarm Condominium0.67 31Wheeler Farm0.85 32Riverside0.60 33South Meadow0.59 No.ComplexFactor 34Concord Village0.69 35Emerson Annex0.84 3659 Sudbury Rd1.50 37350-352 Sudbury Rd0.90 38Tanglewood1.10 39Thoreau Ct1.25 4032-34 Thoreau1.60 41304-306 Thoreau1.12 42Thornton Man0.82 43Moses Pond0.66 44Westvale1.02 45Wright Farm0.48 46Concord Woods1.01 47Damon mill Sq1.05 48John Cummings1.00 491150 Main St1.07 50Junction Square0.90 51Millbrook Tary1.00 52Milldam1.00 53Firehouse1.00 54Wayside Square0.85 5532 Main St1.00 5656 Winthrop1.00 5784-88 CommnW1.00 58Elm Brook1.00 59Gormley Hm0.73 601336-1338 Main St0.94 6112-14 Harrington0.95 621803-1807 Main St0.80 6331-33 Highland0.95 6437-39 Derby St0.85 65Riverbend Condominium0.99 26

27 RLP 11/06/2014 Board of Assessors FY2015 Public Forum Condo Complex Factors Continued Condo Complex Factors Continued No.ComplexFactor 66Greenfield Ln0.86 6852-54 Hubbard0.95 6942-44 Elsinore0.90 70762 Barretts0.80 7141-47 Commonwealth0.90 72255-257 Commonwealth0.92 7318-20 Studley0.97 7417-19 Derby St0.85 751574-76 Main St0.76 761844-46 Main St0.93 78409-411 Main St0.83 7939-41 Cottage Ln1.20 80Baker Homes0.53 81Spillway0.95 8292-100 Comm Ave1.00 83Bartkus Farm0.62 8497-99 Highland0.76 85Mirriam Close0.88 86Elm Court0.60 87Court Lane0.83 88Burke Farm0.50 89144-146 Belknap1.15 9056-60 White Ave1.50 91299 Straw Hill0.83 9228-30 Davis Sq1.00 93Finigan Way0.28 94Mon St/Rvr Rd0.56 95Concord Commons0.76 96Riverwalk0.79 97Lalli Woods0.55 98332-334 Bedford St1.16 99Granite Post0.75 10072-78 Grant St1.50 101Shaw Farm1.00 10235-37 Bedford Ct.0.66 10323-25 Warner St1.50 27

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$5,415,197,636 5.55% B.Total divided by 1,000$5,130,494$5,415,198 5.55% C.Tax Levy$74,135,633$77,336,2334.32% 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$901,8576.39% F.Median SFR Property Value$680,400$732,6007.67% 28

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