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Public Disclosure Notice FY 2024 Revaluation Program

Posted on: October 10, 2023 - 8:41am

The Town of Princeton has completed a comprehensive reassessment (Revaluation) of all classes of property as required by the Department of Revenue and in accordance with Chapter 40, Section 56 of the Massachusetts General Laws that states in part that “Every fifth year, the commissioner shall certify as to whether the board of assessors is assessing property at full and fair cash valuation”. The Assessor has received preliminary certification by the Mass. Dept. of Revenue. The Public Disclosure period will be available to the public from Wednesday, October 11th to Wednesday, October 18th, 2023.

Preliminary certification has been received on these values. The FY 2024 values are based on the value of property as of January 1, 2023 and were primarily developed from sales from calendar year 2022, commercial/industrial income and expense information forms, and personal property forms of list. The analysis done by the Assessing department and our consultant from Vision Government Solutions saw the following general observations:

  •  single family properties increased in value by 14%
  •  condominiums increased in value by 40.5%
  •  multi-families increased in value by 14%
  • apartments increased in value by 40%
  •  Vacant land increased in value by 25%
  •  Commercial/industrial properties increased in value by 6%

These are statistical averages. Some properties may have minimal increases if there were corrections to the property record card or substantial increases in value due to construction or renovation work. Some properties have remained essentially the same in value while other properties saw a decrease in value.

The Public Disclosure process allows each property owner the opportunity to review their updated assessment. The proposed FY2024 values will be available for review from Wednesday, October 11th to Wednesday, October 18th, 2023 at the Assessor’s Office at Princeton Town Hall 6 Town Hall Drive, Library 2 Town Hall Drive and on the town website here http://www.town.princeton.ma.us/assessing

Town Hall hours: Monday thru Thursday 8 am – 4 pm

Library Hours: Tuesday thru Thursday 10 am – 7 pm, Friday 10 am – 5 pm, Saturday 10 am – 1 pm.

Any property owner who is concerned with the valuation of their property should visit the Assessors office or call 978-464-2104 to discuss their concerns.

At the end of this public disclosure period, we will request final certification of the assessed values from the Department of Revenue.

Board of Assessors