How is the Fiscal Year 2024 assessed value for my property determined?

Real estate sales in Eastham during 2022 were analyzed to determine the estimated market value of comparable parcels as of January 1, 2023. 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 2022. 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 $7.01 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.

Show All Answers

1. What is the tax rate for fiscal year 2024?
2. What is the deadline for filing an application for abatement of my Fiscal Year 2024 assessed value?
3. How is the Fiscal Year 2024 assessed value for my property determined?
4. I usually receive a tax exemption. Is that amount already deducted from my tax bill?
5. How do I change my mailing address and where do I go to report it?
6. Where would I get a Subdivision Plan?
7. I have a question about the motor vehicle excise tax?
8. I have a question about the tax levy?
9. What does the January 1st "Assessment Date" mean?
10. I bought a house - why is the previous owner still listed on the bill?
11. What is the CPA tax that appears on my tax bill?
12. Why do I get a Personal Property tax bill for my home and how is the value calculated?
13. Can I view the assessing information about my property or other parcels in Eastham?