Property Valuation
A Massachusetts property owner disagrees with their property tax assessment. They should first:
AFile a lawsuit in Superior Court
BFile an abatement application with the local Board of Assessors✓ Correct
CContact the Massachusetts Department of Revenue directly
DRefuse to pay taxes until the issue is resolved
Explanation
The first step in challenging a Massachusetts property tax assessment is to file an abatement application with the local Board of Assessors. If denied, the owner may appeal to the Appellate Tax Board (ATB).
Related Massachusetts Property Valuation Questions
- In Massachusetts, an 'as-is' appraisal value:
- An appraiser uses three comparable sales to estimate the value of a subject property. The adjusted values of the comparables are $415,000, $422,000, and $418,000. Which value should the appraiser most likely assign?
- Regression in appraisal holds that the value of a superior property is:
- A property generates $72,000 in net operating income. Comparable properties in the market have a 7.2% cap rate. What is the estimated value?
- The principle of substitution states that:
- A Massachusetts property's effective gross income is calculated as:
- What is functional obsolescence in a Massachusetts property?
- The income approach formula is:
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