![]() Individually – If the budget stays the same, some property owners will go up, some will go down, some will stay just about the same. The tax rate is set at the financial town meeting, or by a City budgetary process, so the voters decide if taxes go up. Be careful not to multiply a new assessment by an old tax or mill rate. The amount of your new tax bill is calculated by multiplying your new assessed value by the new tax or mill rate. How much will my taxes be following this “Revaluation”? Therefore, your appraised value could be higher or lower than what you actually paid for your property. According to the definition of fair market value, your value represents the “the most probable selling price” and tends to be in the middle of the range of what similar properties have recently sold for. Similar properties usually tend to sell within a “value range” rather than for one specific price. Similar properties usually do not sell for exactly the same price because the motivations of buyers and sellers are not always the same. The real estate market is not a “perfect market” and price is not always equal to value. I recently purchased my property for a price which is different than the value estimated for this “Revaluation.” How is this possible? Land values can vary dramatically based on: ![]()
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