The Board of Assessors has completed its revaluation work for fiscal 2018 in preparation for the issuance of real estate tax bills expected to be mailed near the end of December. The proposed assessments as well as the valuation methods employed by the city are currently under review by the Massachusetts Department of Revenue (DOR). The fiscal 2018 assessments are being made available to taxpayers pending certification approval by the DOR.
The Assessors are required by state law to update the city’s assessments each year to reflect “market value”, which is the price a person could receive if they were to sell their property on the open market. In calendar 2016, the average price paid for a single-family home in Woburn was almost $497,000. The DOR conducts its certification review once every three years in Woburn.
Residential assessments have increased about six percent over the prior fiscal year. The values are consistent with local and regional trends in the real estate market, which has experienced continued growth during calendar 2016, which is the base year for determining the assessments for this fiscal year. The proposed assessments for fiscal 2018 mirror market trends and are available for review online by visiting the Assessors Database (www.woburnma.gov). Taxpayers may also visit the Assessors’ Office to discuss any concerns they may have relative to the proposed assessments or the data used in the reappraisal. Concerned taxpayers should contact the Assessors’ Office before the close of business on October17th. The proposed values will be considered finalized after this date.
In a few weeks, the Assessors will be submitting additional documentation relative to the reappraisal to the DOR so that the values may be certified by the Commissioner of Revenue. Shortly thereafter, the city will be in a position to schedule the annual tax classification hearing with the city council. The tax classification hearing gives the council the opportunity to shift a portion of the tax burden from residential property owners to commercial and industrial taxpayers.