It's Not Too Early to Begin Thinking About 2023

Pullman & Comley - For What It May Be Worth
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Pullman & Comley - For What It May Be Worth

Municipalities in Massachusetts are permitted to value and assess real estate parcels on an annual basis.  While annual adjustments typically are nominal and reflective of slight variations in the market when there have been no physical changes to the improvements, Covid-19 has continued to have an impact on various commercial property types through 2021, which is the calendar year on which the upcoming FY2023 values and assessments will be premised.

Now that most Massachusetts municipalities have collected the requested income and expense data for calendar year 2021 (the “38D Reports”), it is an opportune time to review that data to determine how it compares to your property’s Fiscal Year 2022 assessment, and what that data could mean as the assessors begin to determine Fiscal Year 2023 assessments.

If there have been significant changes in your property’s financial performance that you believe should be reflected in the upcoming Fiscal Year 2023 assessment, it is not too early to reach out to the municipality’s assessor and commence a dialog so that the assessor may be fully aware of the property’s financial performance in 2021, as well as any concerns extending into 2022.  Being proactive can save time, resources and surprises once Fiscal Year 2023 values and tax bills are finalized later in 2022.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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