NAHANT — Tax rates are expected to decrease following a reassessment of property values across the town that found increases for single-family properties, condominiums, and commercial and industrial properties.
According to a public notice from the Board of Assessors, The Bureau of Local Assessment reviews property assessments every five years to “ensure the community’s values were derived utilizing a methodology based on generally accepted mass appraisal practices, are supported with current market evidence, and are uniformly and equitably applied to all property.”
The findings in the reevaluation saw an average increase of 11.4 percent for single family properties, 4.5 percent for condominiums, and 28.3 percent for commercial and industrial properties from the assessments done for fiscal year 2022.
For single- and multi-family homes and condominiums, the property assessments for FY23 were based on arms-length sales from calendar years 2020 and 2021. According to the Board of Assessors, “arms-length sales are those in which the buyer and seller are acting in their own self-interest and the sale is freely negotiated on the open market, without undue pressure from either party.”
All other classes of buildings, such as commercial and industrial, were assessed based on calendar years 2020 and 2021 sales.
As a result of these increases, tax rates are expected to decrease. The notice adds that “how that may affect [a taxpayer’s] property tax bill depends on [their] property assessment and the town levy voted on at the Annual Town Meeting in May, 2022. Plans to set the tax rate and hold the Tax Classification Hearing may take place as early as September.”
The valuations are available on the Nahant Assessor’s website until 3p.m. on July 26. Taxpayers can also call or email the Assessor’s Office about the matter until the same date and time.
Emma Fringuelli can be reached at [email protected].
