Assessors are required by Massachusetts General Laws to value all real and personal property. The valuations are subject to taxation (referred to as Ad Valorem Tax). Ad Valorem tax means that property is taxed according to value. Property in Massachusetts is assessed/valued at 100% fair market value.
It is required by Department of Revenue that the values are submitted to them for certification every 5 years. Everett’s schedule is 2020, 2025 etc. The Assessing Department is also required to do interim adjustments in the 4 off years. This is accomplished by actual sales studies – comparing the assessment of the property to its selling price. This is done so that the property taxpayer pays his or her fair share of the cost of local government, in proportion to the amount of money the property is worth.