The new valuations are based on properties that sold in calendar year 2016 for single family and condominiums and on sales from January 1st 2015 to December 31st 2016 for two and three-family properties.
The number of properties that have sold in Amherst has risen over the last year and sales prices, in comparison to assessed values, have risen. The average sales price for a single family, arms length sale, was $360,375 and the average assessed value is $350,581 with median values of $330,500 and $323,300 respectively. Overall values will increase for Fiscal Year 2018. The tax rate is calculated by dividing the total amount the town needs to raise by the total assessed value, so when the values go up and the budget increases the tax rate changes. If the values stay, as we expect, then the tax rate is projected to be approximately $21.03/thousand down from $21.83 in FY 2017.
If you wish to file an abatement application you must wait until you receive the actual FY 2018 tax bill at the end of December. Applications must be received, in the Assessors Office, by 4:30 pm on February 1st 2018 or have a USPS postmark no later than February 1st 2018.