Property Valuation Explained
As Quincy’s assessors, our primary job is to accurately determine every property’s full and fair market value, the price a willing buyer would pay a willing seller on the open market.
Determining every property’s value is a major responsibility that we take seriously. One of our key tasks is making sure that every property record is accurate and up-to-date; accurate property data is essential for accurate valuations.
As per state law, we perform periodic property inspections at least once every ten years to complete this task. During an inspection, our data collectors verify and validate details like land area, building size, each building’s construction elements, and the property's location, ensuring that we have accurate property data.
In addition to validating property details, we also research construction costs and comparable sales. We spend considerable time analyzing these types of data so that we understand market factors intimately and ensure that our assessments reflect the dynamic nature of the real estate market.
Generally, after data collection, research, and analysis, we determine each property’s cost value, or replacement value, and the property’s full and fair market value, the price a willing buyer would pay a willing seller. By using both the cost approach to valuation and the sales approach to valuation, we do our best to ensure that each property’s value is fair and equitable.
If you would like to learn more please visit our website. And if you have any questions, please call us at 617-376-1170 or contact us through our website. Thank you!
Determining every property’s value is a major responsibility that we take seriously. One of our key tasks is making sure that every property record is accurate and up-to-date; accurate property data is essential for accurate valuations.
As per state law, we perform periodic property inspections at least once every ten years to complete this task. During an inspection, our data collectors verify and validate details like land area, building size, each building’s construction elements, and the property's location, ensuring that we have accurate property data.
In addition to validating property details, we also research construction costs and comparable sales. We spend considerable time analyzing these types of data so that we understand market factors intimately and ensure that our assessments reflect the dynamic nature of the real estate market.
Generally, after data collection, research, and analysis, we determine each property’s cost value, or replacement value, and the property’s full and fair market value, the price a willing buyer would pay a willing seller. By using both the cost approach to valuation and the sales approach to valuation, we do our best to ensure that each property’s value is fair and equitable.
If you would like to learn more please visit our website. And if you have any questions, please call us at 617-376-1170 or contact us through our website. Thank you!