statewide impact of full property revaluation in Massachusetts
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statewide impact of full property revaluation in Massachusetts

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Published by Federal Reserve Bank of Boston in [Boston] .
Written in English


  • Real property tax -- Massachusetts.,
  • Real property -- Valuation -- Massachusetts.

Book details:

Edition Notes

On cover: Special study.

Statementby William C. Wheaton.
ContributionsFederal Reserve Bank of Boston.
The Physical Object
Pagination43 p.
Number of Pages43
ID Numbers
Open LibraryOL16488109M

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BLA is responsible for regulation, oversight, training and technical assistance to cities and towns in the areas of real and personal property valuation and classification. Guidance is provided for the assessment and classification of property; the methods of determining the actual fair cash. This paper documents an attempt to represent in a mathematical model the economic forces surrounding the move to full valuation; the model is issued to project the short and long term effects of a revaluation in Boston and to examine the impact of policy alternatives available to city and state officials; this item was in the BRA collection.   Executive SummaryAdvocates of reducing property taxes often cite Proposition 2 ½, the strict property tax cap Massachusetts adopted in , as a model for reform. Most recently, New Jersey Governor Christie has proposed a cap similar to Proposition 2 ½, which limits property tax revenues in Massachusetts to percent of a community’s assessed value and caps annual growth in. Treas. Reg. § (b). While Massachusetts cities and towns must determine the fair cash value of real property for purposes of local taxation, they are required to revalue real property only every three years, G.L. c. 40, § 56, and a physical inspection of the property may not take place.

Under the DLS Publications we have manuals and guidelines relating to property certification and classification, see related resources to the right. The bureau has published a best practice on using new technologies in data collection, this best practice is below. The LA3 workbook below contains. Property Tax Levies and Average Single Family Tax Bills Property Tax Levies by Class FY to present (Municipal) Property tax levies by the five major property classes (residential, open space, commercial, industrial and personal property) as reported on page 1 of the annual tax rate recapitulation sheet for municipalities.   Revaluation of fixed assets is the process by which the carrying value of fixed assets is adjusted upwards or downwards in response to major changes in its fair market value. Revaluation is allowed under the IFRS framework but not under US GAAP. IAS 16 Property. In finance, a revaluation of fixed assets is an action that may be required to accurately describe the true value of the capital goods a business owns. This should be distinguished from planned depreciation, where the recorded decline in value of an asset is tied to its age.. Fixed assets are held by an enterprise for the purpose of producing goods or rendering services, as opposed to being.

At the time of acquisition non-current assets are recorded at cost. After initial recognition however, entities can either continue to measure asset on historical-cost basis or change it to revaluation basis. Under revaluation model non-current assets may be carried at revalued amount i.e. fair value of asset at the date of revaluation less subsequent accumulated depreciation and [ ].   As per state law, the value of out-of-state real estate is subject to Massachusetts estate tax. If the property is located in another state that also imposes an estate tax, Massachusetts offers a tax credit for taxes paid to that state. If the property is located in a state that does not impose estate tax or in a foreign country, no tax credit. Calculate the amount to be included as property, plant and equipment in respect of the new store and state what impact the above information would have on the statement of profit or loss (if any) for the year ended 31 March X2. (See 'Related links' for the solution to Example 2.) Subsequent costs.   Connecticut and Massachusetts law requires municipalities to assess most types of property based on market value. Connecticut law requires assessors to determine a property ' s “present true and actual value,” which it defines as the “fair market value” and “not its value at a forced auction or sale” (CGS § (a)). According to the Connecticut Association of Assessing Officers.