What does “full and fair cash value” mean?

Real Estate is the physical land and improvements affixed to it. Massachusetts statutes require assessors to assess all property at its full and fair cash value as of January 1 each year.

Full and fair cash value is also known as market value, or the price a willing buyer will pay a willing seller for the property when both are considered knowledgeable about the market and under not outside influence to buy or sell. 

Property Assessments a re listed each year on the third-quarter tax bill (due February 1). The taxpayer should review their assessment annually because this is the only period when an abatement application can be filed.

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1. What does “full and fair cash value” mean?
2. Why should I allow the assessors to inspect my property?
3. What are Tax Exemptions?
4. What are tax deferrals and who is eligible?
5. How do assessors determine assessed values?
6. When are tax bills mailed? Can I communicate with the Assessors when I send in my payment?