Why did my assessed value increase when I did not do anything to the property?

The assessed value represents the estimation of market value of the property. The real estate market changes frequently. 

Example, your assessment for Fiscal Year 2023 represents the market sales in the calendar year of 2021.

So, though no improvements or physical changes have been made to the property, the buyers are willing to pay more for your type of property. Which then causes a seller's market and increases the sale prices of homes. The assessment follows what the real estate market is doing.  

Show All Answers

1. Can the Assessor enter my property in Dracut?
2. What happens if I sell my car, do I get a refund on my excise tax?
3. Why did my assessed value increase when I did not do anything to the property?
4. Why would the Assessor come to my house?
5. Why am I receiving a supplemental tax bill?
6. Where does the information on my excise bill come from?
7. I moved to another Massachusetts community, why am I receiving a Dracut excise tax bill?
8. What will happen to my assessment if I put an addition on to my home?
9. I took a car off the road. Can I get a refund on the excise I paid?