It is the responsibility of the Assessor’s Office to establish the taxable valuation of each individual piece of property in the Town of Boylston. However, the Assessors do not create value. Buyers and sellers create value via their transactions in the marketplace. The Assessors have the legal and moral responsibility to study those transactions and assess the property accordingly.
At Town Meeting each year a budget is voted on by those is attendance taking into account the limits of Proposition 2 ½ and how much money will be needed to meet all appropriations and other expenses. The Assessors have no control over the Town’s budget.
The difference between the amount approved and the money received from other revenue sources (i.e. state aid, licensing fees, permits, automobile excise) must be raised by property taxation. The assessed values are developed independently from the budget and are used only in the last step of the budgeting process to distribute the Tax Levy. Changing property values does not affect the overall Tax Levy but it does redistribute the levy. The assessors calculate the annual tax rate as a means to distribute the Town of Boylston’s budget obligations.
The tax rate is calculated by taking the total tax to be levied and dividing by the valuation of taxable property.
Tax bills are issued four times a Fiscal Year. (Example July1, 2006 – June 30, 2007 is Fiscal Year 2007.
The first two quarters of the fiscal year tax bills are estimated tax bills and payments are based on the last fiscal years taxes. (Example the total tax on your property is $2,000 for the fiscal year 2006 therefore the first two tax bills would be $2,000/4 or $500 for each of the first two quarters of the fiscal year 2007).
The last two quarters, commonly called the actual tax bills, are calculated by subtracting the first two estimated tax payments from your total tax bill and dividing that amount in half. (Example your total tax bill is $2,200 for FY07 therefore your next two tax bills will be $2,200 – ($500 x 2) = $1,200 divided by two or $600 for each of the last two quarters.