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.