If you live on Bay Shore Drive in Plymouth MA (or nearby streets), like I do, I'm sure you were surprised by the big jump in assessed values by the town for 2011 (~15% increase over 2010).
I sure was. I called the town and did some research. The increase is primarily due to two properties sold in 2009 for over $1M in our surrounding neighborhood. Yes, the town goes by calendar year 2009 to set the 2011 assessed values. For town assessment purposes, our “neighborhood” consists of Bay Shore Dr through the northern end of Rocky Hill Rd and all the streets in between. In 2010 there was nothing in our “neighborhood” sold approaching $1M, so maybe decreased assessed value for 2012 in in the cards?? :-))
The two properties sold in 2009 were:
64 Bay Shore Dr for $1.225M
54 Rocky Hill Rd for $1.3M
Good news - Bad news. Bad news first. Bad news is taxes are way up for us, due to the rise in assessed values and the increase in tax rates. But the good news, assuming you are selling, is the assessed value really jumped which does help support higher asking prices. Buyers and their Agents will sometimes use low town assessed values to support their lower offer. With assessments up big time in our “neighborhood”, this becomes less of an issue for us.
If you have any questions please let me know,