Under Massachusetts law, what is the term for the formal process by which a property owner challenges their property tax assessment and requests a reduction from the local board of assessors?
Correct Answer
D) Abatement
In Massachusetts, the formal process for challenging a property tax assessment and requesting a reduction is called an abatement, governed by MGL Chapter 59, Section 59. A property owner files an Application for Abatement with the local board of assessors. If denied, the owner may appeal to the Appellate Tax Board (ATB).
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Related Topics & Key Terms
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Related Concepts
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
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- → The income approach to appraisal is most commonly used for which type of property?
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