Town of Needham
Board of Assessors
PUBLIC DISCLOSURE NOTICE
FISCAL YEAR 2025 PROPERTY VALUES
The Board of Assessors is required every five years to develop a reassessment program necessary to achieve full and fair cash value assessments in accordance with Massachusetts General Laws. The reassessment program differs in scope from annual reassessment and includes a public disclosure program wherein taxpayers may review proposed new assessments prior to the mailing of the tax bill. The Department of Revenue certifies that the methodology and resulting assessments meet guidelines of assessment level and uniformity as of the assessment date. The preliminary assessments reflect 100% full and fair cash value as of January 1, 2024.
The proposed new valuations, which have received preliminary certification by the Department of Revenue, will be posted at the Town Hall, 1471 Highland Avenue, 1st Floor Assessors office and on the Town of Needham’s Website https://www.needhamma.gov/57/Assessing. This public disclosure period will last from Monday, November 25, 2024, to Thursday, December 5, 2024. The Assessor’s office is open Monday, Wednesday, and Thursday 8:00 a.m. to 5:00 p.m., Tuesday 8:00 a.m. to 6:00 p.m., and Friday 8:00 a.m. to 12:30 p.m. and the staff are available to answer questions regarding assessments.
The Assessors have undertaken a full revaluation program which consisted of reviewing property data and a thorough market analysis. All values are based on the sales of property in Needham during the 2022 and 2023 calendar years and/or review of income and expense data and market trends. Market trends may indicate that different property types may change in value more or less than other property types.
It is important to note that assessed values are required to reflect 100% of the market value in Massachusetts. For FY2025, taxpayers may notice a significant increase in assessed values, which fall in line with significant uptick in market values over the past few years. Please be aware that in conjunction with these value increases, the Town anticipates a decrease in tax rates.
- The average value of single-family homes (101 class) increased by approximately 22.3%
- The average condominium (102 class) increased by approximately 16.8%
- The average apartment (111 -125 class) increased by approximately 18.7%
- The average commercial value (300 class) increased by approximately 33.8%
- The average industrial value (400 class) by approximately 31.7%
Individual parcel valuations will vary from the average class increase due to typical differences, data updates and corrections, new construction and the effect of market trends for specific property characteristics.
