Real estate sales in Eastham during 2020 were analyzed to determine the estimated market value of comparable parcels as of January 1, 2021. From these sales, valuation factors are calculated for various characteristics such as style, net living area, lot size, and age of the building, and applied to the remaining comparable properties that didn't sell during 2020. The Department of Revenue reviews our analysis each year and certifies the accuracy of the assessments.
Assessors utilize "mass appraisal" to value the large number of properties which must be valued. Most properties on Cape Cod are unique, and in years with few sales, it can be challenging for even the best appraiser to find comparable sales for a specific property, let alone 6,500+ parcels. Mass appraisal utilizes calculated valuation factors for the various elements of a property such as lot size, depreciation due to age of the home, net living area, style, construction quality, property location, etc., that would influence the price the property would sell for, to determine the assessed value.
Many times people will ask whether a project they are planning for their home will increase their assessed value. My question back to them is "If you were going to sell your home, would you likely price it higher because of that improvement?" If the answer is yes, then more than likely it will increase your assessed value. Unless it's a major remodel, however, the increase in actual taxes is often relatively small due to our low $8.58 per $1,000 of value tax rate. Also the potential increase in market value usually doesn't equal the actual cost of the addition or remodel.