Proposed real and personal property assessed values for Fiscal Year 2023

The Board of Assessors has been conducting the FY2023 five-year recertification program overseen by the Mass. Department of Revenue through the Bureau of Local Assessment (BLA) of the Division of Local Services (DLS). The BLA undertakes a comprehensive review of the Assessors’ policies and procedures in determining the proposed assessments for Fiscal Year 2023. The review ensures that assessments meet the constitutional and statutory requirements of full and fair cash value as of the assessment date of January 1, 2022. The BLA certifies the proposed values were derived utilizing a methodology based on generally accepted mass appraisal practices, supported with current market evidence, and applied uniformly and equitably to all property. 

The components of the five-year certification include a data quality review, statistical ratio study review, valuation review, and review of the mass appraisal system comprised of data management, valuation, performance analysis, administration, and appeals. The comprehensive review included collecting real and personal property data, updating tax maps, analyzing sales through multiple approaches to value, land, and building price adjustments, and utilizing multiple regression analysis to determine estimates of variation between the sale price and similar-type properties. 

The City received preliminary certification from the BLA, which prompts the next step in finalizing assessments, the public disclosure period. From November 15 to November 21, the proposed assessments and data for all Lynn properties will be available for review and comment. Any inadvertent data inaccuracies can be brought to the Assessors’ attention during this time. The Assessors can be reached at 781-586-6702 or by email at [email protected].

Assessing staff is available Monday, Wednesday, and Thursday from 8:30 a.m. to 4 p.m., Tuesday from 8:30 a.m. to 8 p.m., and Friday from 8:30 a.m. to 12:30 p.m. Assessment data for all property will be available in the Assessing Department in City Hall, Room 202 and online at https://lynn.patriotproperties.com/default.asp. In addition, summary printouts providing assessed value information will be available for viewing at the Lynn Public Library and City of Lynn Senior Center.

Based on the comments and feedback provided by the public, the Assessors will make any necessary adjustments or corrections before the finalization of values for FY2023. Please note that taxpayers will have an additional opportunity to contest their assessments once actual tax bills are issued no later than December 31, 2022. The abatement period runs from the date of the issuing of actual tax bills until February 1, 2023.

Once values are certified, the City Council will hold a public hearing scheduled for 5:30 p.m. on November 22, 2022, to determine the allocation of the property tax burden between the residential class and the commercial, industrial, and personal property classes. Once the Council has voted on its allocation option, information will be submitted to the MA DOR for final approval of a tax rate, after which actual bills will be issued based on the new tax rates and assessments.

Summary of Valuation Changes for FY2023

The following summarizes real property valuation changes from FY2022 to FY2023. The numbers presented reflect average changes only for the indicated category. The valuation of individual properties can vary widely from these averages based on several factors, such as property type, location, building style, and physical changes to the property. 

The Assessors used market data from 2021 for residential properties, and the analysis period for Commercial and Industrial properties was from July 1, 2020, to June 30, 2022.

Property Type     Percent Change       Average Value       Median Value

Single Family                  + 14%                         $477,700                      $460,000

Condominiums              + 12 %                        $286,500                     $273,700

Two Family                     + 11%                          $652,300                     $638,500

Three Family                  + 13%                          $732,350                     $723,700

Apt. Buildings                + 28%                         $2,572,000                  $1,070,200

Commercial                    + 18%                          $857,140                     $448,600

Industrial                        + 17%                          $1,521,120                   $490,450