The Fiscal Year 2024 Tax Rate is $15.26 per thousand dollars valuation as certified by the MA Department of Revenue.
The Board of Assessors are required by Massachusetts Law to list and value all real and personal property. The valuations are subject to ad valorem taxation on the assessment roll each year. The "ad valorem" basis for taxation means that all property should be taxed "according to value", which is the definition of ad valorem. Assessed values in Massachusetts are based on "full and fair cash value", or 100% of fair market value.
Assessors are required to submit these values to the State Department of Revenue for certification every three years. In the years between certification, Assessors must also maintain and update the values based on market conditions. This is done so that the property taxpayer pays his or her fair share of the cost of local government, in proportion to the amount of money the property is worth.
In addition, the Assessors administer Motor Vehicle Excise Taxes and betterments. The Assessors also manage all of the billing administration for the Town of Southbridge water and sewer system.