As you may know, Quarter 3 and 4 property taxes were mailed recently. Each year, we have questions about home valuations. Below is an explanation about the process of home evaluations.
Real Estate Assessment Process
Every year, in the Fall, the Assessors Office analyzes qualified sales from the last full calendar year (per Department of Revenue guidelines). A qualified sale is a sale between two willing, unconnected parties, that has been on the open market, and is not subject to any special terms, provisions, or considerations.
The Assessors department page has a link Property Sales & Transfers | Abington MA which lists all of the qualified property sales for the calendar year.
After this analysis is completed, Real Estate values are adjusted so that assessments are in line with the market values. Sales prices for similar homes are used to adjust the valuations; Ranch to Ranch, Cape to Cape, Three-family to Three-family, etc. That means that for your Fiscal Year 2024 tax bills, the Assessors' office looked at Calendar 2022 sales. We then submit our sales analysis and values to the Department of Revenue for approval and certification.
We also offer an excel spreadsheet: Yearly Property Information Report | Abington MA which will allow you to compare similar homes in terms of style, value, age, size, etc.
Proposition 2.5
It is important to note that Proposition 2.5 indicates that the overall TOTAL TAXES for the town cannot increase more than 2.5% in a single year (unless overrides or outstanding debt is present). Proposition 2.5 does not limit how much a single property’s taxes can change.
Real Estate Abatement
If you feel that your valuation is not correct, you may file for an abatement; however, please know that the abatement process is specifically for cases where you don’t agree with the value- the process is not meant to address that you think the taxes are too high (and there is a difference)! Since we get our sales and values certified by the Department of Revenue, we stand by our values and it is your responsibility to prove (with comparable home values, qualified sales, and information for data corrections, etc.) why you feel the value is not correct. If you’d like to learn more, please look over our Abatement brochure:A Guide to Filing Real Estate Abatements (abingtonma.gov). Real Estate abatement applications must be delivered to the Assessor's office or post marked by February 1, 2024.
If you are over 70, a disabled veteran, blind, and/or a widow, you may be entitled to a Property Tax Exemption, provided you meet certain eligibility criteria. Our brochure: exempt_handout_for_web_fy24.pdf (abingtonma.gov) lists the criteria, and we’re happy to answer any questions you may have.
Split Tax Rate
Why Abington doesn’t have a split tax rate? Each year, the Board of Selectmen hold a Classification hearing and decide if the levy gets divided into a single tax rate or if the tax rate will be shifted between property classes. The Assessor's office presents relevant data and the Board of Assessors offers a recommendation to the Board of Selectmen.
Between 2003 and 2023 the number of Residential parcels has increased to 5,218; while the number of Commercial and Industrial parcels has decreased to just 246. As explained in our2024 Classification presentation, even with a split the tax rate to the highest limit, the most an average Single Family Home could hope to save is $413, while the average Commercial property would see an increase of $7,254. While Abington does have a few ‘large’ commercial properties, 74% of the Commercial properties are actually valued under $1,000,000. There is no legal (or moral) way to increase the split on just the ‘large’ parcels, and any split will definitely hurt Abington’s smaller businesses.