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Got a question? Try Ask the MMA How is the EQV calculated, and what is it used for?
Q: How is the EQV calculated, and what is it used for?
A: The Division of Local Services reports that the Bureau of Local Assessment has finalized 2004 equalized valuations (EQVs), representing the full and fair cash value of all taxable property for each municipality as of January 1, 2004. These EQVs will be used as a basis of comparison among the 351 municipalities in Massachusetts for certain state and local purposes beginning in fiscal 2006.
Specifically, the EQV is used in the allocation of local aid distributed through the Lottery formula, aid to public libraries, and reimbursement of school construction projects. Certain Cherry Sheet charges also use the EQV: county tax, Boston Metropolitan Transit District, mosquito control projects, and air pollution control districts. In addition, the EQV is used in calculating a community’s debt limit.
To complete the 2004 Equalized Valuations, the BLA depended on information provided by local boards of assessors. The BLA also conducted appraisals of certain commercial and industrial properties.
Specifically requested from municipalities were the calendar 2002 sales reports reflecting assessed values as of January 1, 2003. (If a community’s values were certified by the BLA in fiscal 2004, the sales reports submitted for those purposes were used.) In addition, the BLA relied on the Form LA-4, Total Assessed Value as of January 1, 2003, submitted as part of the fiscal 2004 tax-rate setting process.
Through a statistical analysis, the levels of assessment were determined for each of the major classes of property and then the estimated full and fair cash value was derived. To this was added a projected 2004 new construction value developed through a review of the past four years’ new growth and the Urban Redevelopment Corporation numbers.
The resulting final figures for each municipality appear on the Form LA-19, 2004 EQV Study (available online at www.mass.gov/dls/bla/bla_eav.htm).
Got a question? Try Ask the MMA How is the EQV calculated, and what is it used for?
How is the EQV calculated, and what is it used for?
Q: How is the EQV calculated, and what is it used for?
A: The Division of Local Services reports that the Bureau of Local Assessment has finalized 2004 equalized valuations (EQVs), representing the full and fair cash value of all taxable property for each municipality as of January 1, 2004. These EQVs will be used as a basis of comparison among the 351 municipalities in Massachusetts for certain state and local purposes beginning in fiscal 2006.
Specifically, the EQV is used in the allocation of local aid distributed through the Lottery formula, aid to public libraries, and reimbursement of school construction projects. Certain Cherry Sheet charges also use the EQV: county tax, Boston Metropolitan Transit District, mosquito control projects, and air pollution control districts. In addition, the EQV is used in calculating a community’s debt limit.
To complete the 2004 Equalized Valuations, the BLA depended on information provided by local boards of assessors. The BLA also conducted appraisals of certain commercial and industrial properties.
Specifically requested from municipalities were the calendar 2002 sales reports reflecting assessed values as of January 1, 2003. (If a community’s values were certified by the BLA in fiscal 2004, the sales reports submitted for those purposes were used.) In addition, the BLA relied on the Form LA-4, Total Assessed Value as of January 1, 2003, submitted as part of the fiscal 2004 tax-rate setting process.
Through a statistical analysis, the levels of assessment were determined for each of the major classes of property and then the estimated full and fair cash value was derived. To this was added a projected 2004 new construction value developed through a review of the past four years’ new growth and the Urban Redevelopment Corporation numbers.
The resulting final figures for each municipality appear on the Form LA-19, 2004 EQV Study (available online at www.mass.gov/dls/bla/bla_eav.htm).
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