How did you determine the value of my home? Why is the assessment more than what I paid for the property?

All property is assessed on the basis of its full and fair market value as of January 1st. Data related to the sale of property is gathered, analyzed, and then applied to our database to estimate the market value. The process of determining assessed value is the same as an appraiser would utilize for a fee appraisal, although the Assessors must also ensure that assessments are uniform among all the properties in town.

Because our assessment date is January 1st, sales used to estimate the fair market value of property likely occurred in the prior calendar year. In spite of the fact that assessments are updated on an annual basis, by the time the May bill is mailed, sales used in the valuation process could be as much as a year old. In some instances, the factors in our database that describe the property are incorrect. This can result from human error or the lack of an interior inspection.

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1. What are property taxes and how is the amount determined?
2. I purchased my house on January 10, 2019. I just received a bill due on February 1, 2020 in the name of the previous owner. After a whole year, why isn’t this bill in my name?
3. How did you determine the value of my home? Why is the assessment more than what I paid for the property?
4. I think my home is assessed for more than it’s worth - what should I do?
5. I am having financial problems. Is there any way I can reduce the taxes I pay on my property?
6. I sold my car a few months ago and paid the excise tax on that car. I bought a new car and received an excise tax bill for my new car. Can’t you apply part of the payment on the new car?