Why are revalued each year? determines the money to be raised from you may file an abatement application that State law requires all to assess . The rate may stay the will trigger a review by the Board of all property uniformly at fair market value. same or even decrease because of the Assessors. Abatement applications are Implementing an annual revaluation program overall change in the total value of the accepted from January 1st to February 1st will ensue that all taxpayers are treated fairly. community. Your tax bill is based on the each year. spending of the Town. An increase in the assessed value does not necessarily cause How is my property assessed? an increase in taxes. Your tax bill (not the Doesn’t Proposition 2 ½ mean that my Properties are appraised based on what assessed value) is a direct result of the taxes cannot increase more then 2½ % comparable properties are selling for in the Town’s budget. per year? community. With the assistance of the No. Proposition 2 ½ sets a limit on the consultants from J.F. Ryan Associates, Inc., entire tax levy for a jurisdiction. While the Assessors’ Office maintains data on all If assessments increase and the there is a limit to the overall increase in properties in the community and implements stays about the same, why don’t we property taxes, the revaluation program procedures to appraise properties at fair leave the assessment the same? may result in an increase or decrease in market value. The objective of an annual revaluation property taxes. Proposition 2 ½ establishes program is to ensure that everyone’s a limit on the revenue a can assessment is fair and accurate. If all raise from property taxes. Proposition 2 ½ How will I find out what my new property is assessed at its market value, does not limit the amount by which an assessment is? individual taxpayers will be assured that individual tax bill may change from year The actual tax bill mailed to you at the end of they pay only their fair share of the tax to year. December reflects the assessed value, current burden. tax rate and annual taxes. The assessment of your house can change annually due to The revenue that is collected from the inflation and other normal factors that impact Can I review my annual property is called the property tax levy. the market. The assessed value assessment with someone after receiving reflects the changes in the real estate market the bill? from the time it was last valued. Yes. After the values are finalized you The levy is limited as follows: may access one of the public computer terminals and or reports we have available Limit 1 – Levy Ceiling If my assessment increases will my in our office. The data and assessed values The property tax levy cannot exceed 2 ½% property taxes increase? on all property in town may be reviewed. of the total assessed value of the Higher property assessments do not cause The office staff is available to offer municipality. For example, if a higher taxes. The total municipal budget assistance and explanations. If you wish, municipality is valued at $100 million, it could only raise $2.5 million from property taxes.

Limit 2 – Levy Increase Limit What your If the actual levy is less than the levy limit, Property the levy may only increase by 2 ½ % above the prior year’s levy after making an Assessment Means adjustment for new growth. to You

FOR FURTHER ASSISTANCE

The staff of the Board of Assessors is Taxpayer Information Guide available to assist in answering questions or concerns about your property tax assessment.

Wellesley Assessors’ Office Town Hall, 1st Floor

525 Washington Street

Wellesley, MA 02482

(781) 431-1019 ext. 2272

Web Address

www.wellesleyma.gov

Monday – Friday TOWN OF WELLESLEY

8:00 a.m. to 5:00 p.m. (Rev 06/07) BOARD OF ASSESSORS