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Report of the Director of Assessing To the Honorable Board of Selectmen and the Citizens of the Town of Mashpee: The past year has seen further change in the Real Estate Market. The Assessing Department has worked diligently in following the market to fairly assess properties to reflect these changes. We will continue to closely follow the ups and downs of home sales, foreclosures and the many other variables of real estate so that all Mashpee properties are equitably assessed. The Assessors value all Real and Personal Property within the Town of Mashpee as well as the Mashpee Water District. Values are determined as of January 1 st each year. These values are based on the previous calendar year's sales. The legal standard is that all property is assessed at its "full and fair market value". That is, the amount a knowledgeable and willing buyer would pay a knowledgeable and willing seller on the open market. The fiscal period ending June 30, 2009 is based on the assessment date of January 1, 2008. The Massachusetts Department of Revenue (DOR) extensively audits the Assessor's Office every third year to verify that the assessors are using correct Mass Appraisal methodology and that its values reflect full and fair market value. When the DOR is satisfied, the community is allowed to calculate the tax rate based on the budget and then issue tax bills. The Board of Assessors' areas of responsibility include: • Real Estate tax valuations • Personal Property tax valuations • Administering Motor Vehicle Excise taxes • Administering Boat Excise taxes • Personal Exemptions • Charitable Exemptions • Administering water, street and sewer betterments The Assessing_Department's charge is to: • Discover, analyze, and reflect the value changes that are occurring in the market • Regularly inspect each property to record specific features of the land and buildings • List items such as size, type, and quality of construction, number of rooms, baths, fireplaces, the type of heating, etc. • Inspect each structure in town at least once every nine years • Set the Tax Rate based on budget requirements and valuations Real estate and motor vehicle excise tax levies account for a majority of the funds available to the municipality. Efficient and effective assessment practices result in a predictable tax levy which is essential to maintaining town services. I would like to thank the dedicated office employees and members of the Board of Assessors for all of their hard work and commitment to the Town of Mashpee. If you have any questions, the assessing team stands ready to help. Please contact us or stop into the office and we will be happy to assist you. Respectfully Submitted, Jason R. Streebel, MAA Director of Assessing 34