Medford Property Values Increased Overall In Fiscal Year 2021

MEDFORD, MA — The Board of Assessors recently completed a reassessment of all classes of properties in the city. Using the mass appraisal methodology, communities are required to assess at 100 percent of fair market value.

The Fiscal Year 2021 valuations represent fair market value as of Jan. 1, 2020, according to a city statement. Calendar year 2019 sales were used in the FY 2021 valuation model. Only sales deemed valid or arm's length – sales freely negotiated on the open market, without undue pressure from buyer or seller – were considered in the process.

The city uses a computer-assisted mass appraisal system to calculate property values. Valuation tables and property factors are updated on an annual basis according to the prior year's market. Factors are adjusted to meet the requirement that the median assessment to sales price ratio be within 10 percent of the fair market value.

Overall value changes from FY20 to FY21 by property class:

Single Family Homes: +1 percent

Condominiums: +2 percent

2-3 unit Residential: +2 percent

4+ Unit Residential: +4 percent

Vacant Land: +1 percent

Mixed Use: +1.5 percent

Commercial: +2 percent

Industrial: +2 percent

The new valuations are available for public review at FY21 Medford Proposed Assessments between Oct. 7 and Oct. 16. Taxpayers are encouraged to email the Assessor’s Office (assessors@medford-ma.gov) during this public disclosure period to ask questions on the proposed values or by calling the department at 781-393-2435 to speak to an Assessor.

Due to the ongoing COVID-19 health crisis, the Assessor’s Office can only accommodate email or phone reviews; staff is not available for in person meetings. The Assessor’s Office hours are 8:30 a.m. – 4:30 p.m. Monday, Tuesday, and Thursday, 8:30 a.m. – 7:30 p.m. Wednesday, and 8:30 a.m. – 12:30 p.m. on Friday.