How are Real Estate taxes calculated?

It is the responsibility of the Assessors' Office to establish the taxable valuation of each individual piece of property in the Town. However, the Assessors do not create value. Buyers and sellers create the value via their transactions in the marketplace.

At Town Meeting each year a budget is voted on by the townspeople of Sherborn, taking into account the limits of Proposition 2 ½ and how much money will be needed to meet all appropriations and other expenses. The Tax Levy, which is the difference between the amount approved and the money received from other revenue sources (i.e., state aid, local receipts and available funds) must be raised by property taxation.

Valuation assessments are developed independently from the budget and are used only in the last step of the budgeting process to distribute the Tax Levy. Changing property values do not affect the overall Tax Levy, but it may result in the redistribution of the Tax Levy burden among all taxable properties in town.

The Select Board annually establish the fiscal year residential and commercial/industrial/personal property tax rates. Those rates represent a tax per thousand dollars of assessed value which, when applied to each property's assessed valuation, yields that property's annual tax bill. The total tax on all properties equals the annual Tax Levy.

Show All Answers

1. How much land in Sherborn is exempt from taxes?
2. How does the Assessors’ Office determine the value of my house?
3. What does "fair cash value" mean?
4. How is Mass Appraisal different from a fee appraisal?
5. What is the basis for determining residential property values?
6. What is the basis for determining residential property values?
7. How do land values differ from building values and yard items?
8. Who verifies that the assessing model used by the Town and the resulting property values are accurate?
9. How does the market affect my taxes and value?
10. Where can I find information about my property?
11. Why should I let the Town Assessing Department in my house for an inspection?
12. How are Real Estate taxes calculated?
13. Why can the town raise my taxes by more than the 2½% limit prescribed by Proposition 2½?
14. What if I cannot afford to pay my Real Estate taxes?