The Middlesex County Board of Supervisors (MCBS) has been encouraged by County Administrator Matt Walker to seek a real estate tax reassessment “as soon as possible!”
Since the last assessment, Walker said at the Oct. 3 MCBS board meeting, the county’s real estate value ratio of what land and homes are actually worth according to sales compared to assessed values currently used to collect real estate taxes is at a 77.8% ratio. It should be at 90% or above, he said.
He also said at an earlier meeting that real estate sales in some areas of the county skyrocketed during the main period of the COVID-19 pandemic. The last real estate reassessment went into effect Jan. 1, 2022 and the reassessment was performed throughout 2020-2021 years. Most of the numbers used in that reassessment were before the real estate spike came with COVID-19, said Walker.
“Based on these estimated real estate value levels, the county is leaving tax dollars on the table from the Public Service Commission (PSC),” he said.
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