HomeMy WebLinkAbout1993-10-18-AAHRC-RPT (draft).pdf u �S. ,E 1
THE ASSESSMENT COMPUTATION
FOR
SINGLE FAMILY HOMES
IN LEXINGTON
A GUIDE FOR PERPLEXED TAXPAYERS
Paul Chernick
Geza Szonyi
Pauline Fennel
Assessors' Ad Hoc Revaluation Committee
Draft of
October 18, 1993
This document will be more useful to homeowners
who have obtained copies from the Assessor of
the Valuation Summary for their home and
the Valuation Chart for that type of home.
INTRODUCTION
Starting in January 1993, a number of Lexington homeowners and taxpayers,
ourselves included, raised questions about the computation of residential property
valuations. The Assessor's Office and the Board of Assessors (which supervises the
Assessor and actually issues assessments and abatements) had no easy way to
answer those questions. Individually, and then as part of the Ad Hoc Committee, we
have worked with the Assessor, Harald Scheid, to prepare an explanation of the
assessment computations, for the use of the average taxpayers.
The total assessment process includes several steps.
A. Data is collected on the characteristics and sales prices of all the homes
sold in a year
B From the sales data, the Assessor estimates the mathematical
relationship between a home's characteristics and its market value, and
sets up an estimation formula.
C. The estimation formula is written up as a set of VALUATION CHARTS.
D Information is compiled on each home in town.
E. The information on each home is run through the estimation formula.
F The total property valuation, for all single-family homes, vacant lots,
condos, and commercial properties, is used to compute the tax rate.
(Since the total tax bill is limited by Proposition 2'A, higher valuations
result in a lower tax rate, and vice versa.)
G Tax bills are mailed out.
H. Taxpayers who believe that their homes have been over-valued file for
abatements, which are reviewed and acted on by the Assessors.
In this report, we describe only step E, the calculation of assessed values for
single-family homes in Lexington. This document is an overview and explanation of
the assessment calculation. We have prepared a companion worksheet to guide the
taxpayer in reproducing the assessment for any particular property We have
designed these documents to assist you in understanding the computation of the
Valuation Summary the Assessors prepared for your home; how changes in the
treatment of various aspects of your home (the number of rooms considered to be
bedrooms, for example) would affect your assessment, and why some other home
may have a higher or lower assessment than yours. We have not attempted to
explain why the valuation formula is set up the way it is (that is, how step B is
performed); that may be the subject of a later report.
We believe that this report, with its companion worksheet, will allow most
taxpayers to reproduce their assessed value with the data given on the Valuation
Summary and calculator However, the mere fact that you can replicate the
Assessor's computations does not mean that your assessment is correct. Your
assessment depends on step B (estimation of the valuation formula) and step D
(collecting data). Even the best valuation formula will not provide sensible results
for every situation, and Lexington's formula is in the early stages of development, so
has more rough edges than it will have a few years from now Perhaps as
importantly, much of Lexington's data on the physical condition of homes is out of
date and inaccurate: even a perfect valuation formula will not produce the right
results if fed the wrong data. We hope that understanding how your assessment was
computed will assist you in focussing on the parts of the computation that are out of
line for your home, so that you can guide the Assessors in reviewing your request
for revision in your assessment, or for a tax abatement.
In reviewing your tax bill, you should bear in mind that your tax bill will rise
and fall from year to year with both your assessment and the total tax levy for the
Town. Your tax bill will go up if your assessment rises more than average for the
town, or if the tax levy rises by more than the growth in the tax base due to new
construction. Even if your assessment rises, your tax bill may fall, if increasing
assessments townwide drive down the tax rate. The reverse is also true: your tax bill
can go up while your assessment goes down, if the average assessment falls by more
than yours, or the tax levy is rising.
In preparing this report, we have worked with the Town Manager, the Board
of Assessors, and the Assessor (Harald Scheid), and have obtained the most detailed
and accurate information available. We are independent citizens of Lexington,
volunteering our time to clarify these issues for ourselves, Town government, and
2
our fellow citizens. Since we are not directly involved in the assessment process,
most of what we know is limited to the documents and explanations we have
received from the Assessor We therefore cannot guarantee that everything in this
report is completely correct, but we do know that it is all consistent with the actual
assessments we have reviewed.
3
THE VALUATION FORMULAS
This section of our report will walk you through the RESIDENTIAL VALUATION
SUMMARY for your home (or anyone else's for that matter). The Valuation Summary
is a single page, showing the calculation one home's assessment. The first step in
understanding how your valuation was computed is to obtain a copy of your
Valuation Summary from the Assessor's Office.
The values in the Valuation Summary are taken from a VALUATION CHART
The Lexington Assessor has created one Valuation Chart for each combination of
style, grade (quality of construction), and bedrooms, such as "Grade B Ranch with 3
Bedrooms." The second step in understanding how your valuation was computed is
to determine which Valuation Chart applies to your home, and obtain a copy of that
Chart. This section explains the factors that determine which Valuation Chart
applies.
Attachment 1 to this report is a sample Valuation Summary, for 12 Peacock
Farm Rd., a Grade D Contemporary with 3 bedrooms. Attachment 2 is the
Valuation Chart for Grade D Contemporary houses with 3 bedrooms. We will use
this home and its Valuation Chart as examples as we discuss the assessment
calculation.
The valuation formula for each type of house has several parts, which we
have organized into six groups:
1 Calculation of the BASE HOME VALUE(BHV). This is the value of a
Base Home of this size, grade, style, and number of bedrooms, but
without basements, porches, garages, and so on.
2. Adjustment of the BHV for number of baths, and the quality of heating,
insulation, and exterior finish, to produce Adjusted Base Value. This
step corrects for the differences between the basic structure of the Base
Home and of this house.
3 Addition of values for extras, such as porches, basement, garages, and
fireplaces, to produce Total Structure Value.
4
4 Adjustment of the total structure value with the age-and-condition
multiplier, to produce Adjusted Structure Value.
5 Adjustment for the difference between the land area for this house's lot
and the area assumed for the Base Home (15,500 square feet).
6 Adjustment of total property value with neighborhood, site, traffic, and
other-factor multipliers.
For those who like to see formulas, the assessment calculation can be summarized
as:
{[(BHV ±ADJUSTS + EXTRAS) x CONDITION] ± LAND]) x MODIFIERS
Since the calculation of starts with selection of the correct Valuation Chart,
we will next discuss the factors that determine which chart is used for a particular
home. Since bedroom has the same meaning it would to most people, we do not
define that in detail.
5
Home Styles
Base Home Value depends on the style of the home. Table 1 lists the 13
construction styles used in Lexington's current assessment process.
TABLE 1 Home Styles
Style # Style Name Grades Comments
21 Ranch BCD
22 Split Entry CD aka "Raised Ranch"
23 Multi Level BCD
24 Contemporary BCD
25 Cape Cod BCD
26 Village Colonial BCD intended to apply to non-
descript 4-square design
27 Garrison Colonial BCD
28 Traditional Colonial BCD
29 Dutch Colonial BCD
30 Victorian BC
31 Modern Colonial B recent construction only
32 Bungalow DE
33 Mansion A
6
Construction Grade
Grade refers to the quality of construction, ranging from Grade A (used only
for mansions) to Grade E (used only for bungalows). Grade affects Base Value and
the value of almost all of the adjustments and extras, other than land. Table 2
provides brief definitions of Grade.
TABLE 2. Construction Grades
A—Excellent—typically individually designed and characterized by a high quality of
workmanship. Many components of the home are custom designed and manufactured to
specifications.
B—Very Good—typically homes built in high quality tracts or developments, and are
frequently individually designed. Attention are given to interior refinements and detail.
Exterior have good fenestration with some custom ornamentation.
C—Good Quality—typically mass produced in above average developments or a standard
plan built for an individual owner Good quality standard materials are used. These houses
generally exceed the minimum construction. Some attention is given to architectural design
in both refinement and detail.
D—Average Quality—typically mass produced houses. These will meet or exceed the
minimum construction requirements. The quality of workmanship is acceptable, but does
not reflect custom workmanship.
E—Fair Quality—typically mass produced houses. Low cost construction is primary
consideration. Although overall quality of materials and workmanship is below average,
these houses are not substandard and meet minimum construction requirements. Interior
finish is plain and ornamentation is limited to the front elevation.
F—Low Quality—lowest quality construction. May or may not meet minimum construction
requirements. Exterior and interior finishes are plain and inexpensive. Architectural function
is concerned with function, not appearance.
No Lexington homes are rated as Grade F 1
'Harald: Is this rating system the one actually in use?All footnotes are for internal use.
Base Home Value
Base Home Value (BHV) is the value assumed for a home of a particular
size, grade, style, and number of bedrooms, and with
• a number of baths (the number of baths assumed for the Base Home
varies with the home's grade and number of bedrooms),
• a neighborhood type (which varies with grade),
• a pal ticular condition (which varies with grade),
• 15,500 sq.f3. of land,
• hot water baseboard heating (or the equivalent),
• clapboard siding (or the equivalent),
• moderate insulation,
• a "typical" site, and
• no fireplaces, porch, garage, or basement.
Base Value is computed from the Gross Living Area (GLA) of the house and
Block 1 on the Valuation Chart. Once you have found the right Valuation Chart,
calculating Base Home Value requires only the GLA and the values from Block 1
8
Gross Living Area
The Gross Living Area (GLA) represents the exterior measurements of the
house in square feet, not including the attic, basement, porches, or garage. GLA
generally includes
100% of finished space on the first or second floor,
50% of unfinished space on the first or second floor,
50% of finished space on the third floor, and
15% of unfinished space on the third floor
An attic which is normally accessible by a permanent stairway, but not a
pulldown ladder, is treated as second- or third-floor space. Attics reached only by
ladders not mcluded in the valuation.
Computing Base Home Value
Block 1 of the Valuation Chart gives the numbers necessary for computing
BHV, for various sizes of GLA. For most homes, you can compute the BHV in
three steps:
1 find the range of GLA in which the home's GLA falls;
2. read the "Starting" value for that range; and
3 add in the "adder" value for each square foot of GLA above the bottom of the
range.
9
For example, the BHV for 12 Peacock, at 1308 sq ft, is computed
by determining that
• The GLA falls in the 1250-1350 sq. ft. range.
• The Start Value for 1250 sq.ft. is $193,000. This leaves
1308 - 1250 = 58 sq. ft. above the bottom of the range to be
accounted for in the Added value.
• The value for Added GLA is $50 per sq.ft., worth $50 x 58 =
$2,900.
• The BHV is then $193,000 + $2,900 = $195,900
This $195,900 is shown on fine 1 of the Valuation Chart for 12
Peacock.
For houses below the smallest size listed, the BHV is the Start value listed in
the first line, minus the Added value for that line times the difference between the
smallest GLA listed and the home's GLA.
Adjustments to Base Home Value
Adjustment for Number of Baths
The Bath Adjustment corrects for differences between the number of
baths in a home and the number assumed for the standard Base Home for the grade
and number of bedrooms.
The number of full baths and half baths included in the BHV is listed in
Block 2 of the Valuation Chart, as is the adjustment applied for the first and
subsequent baths above or below the base assumption.
For example, a Grade D house with 3 bedrooms is assumed to
have one full bath and one half-bath. Since 12 Peacock has an extra full
bath, it has a BATH ADJ of+$3400
10
The higher base values of homes with more bedroom and higher grades is
partly offset by the higher number of baths assumed for more bedrooms and higher
grade.
For example, a Grade B Base Home with 2 bedroom has two full baths,
while a Grade C Base Home with 2 bedroom has a full bath and a half
bath. For 2000 sq. ft. Capes with 3 bedrooms and 2 baths, this means
that the Grade C house will have an upward adjustment in its valuation,
compared to the Grade 8 home:
Factor Grade B Grade C Notes
Base Value 382,000 310,000 Grade 8 starts higher
Bath Adj- Full 0 4,000 Grade C value increased, then
Half 0 (2,100) decreased by smaller amount
Base Adjusted
for Baths 382,000 311,900
Adjustments Based on Size of Home
Three adjustments are made to reflect differences in the type or quality of
certain aspects of the home's structure. These include Heating Adjustments,
Insulation Adjustments, And Exterior Construction Adjustments. Each adjustment
is multiplied by the GLA., that is, the adjustment is computed as a value per sq ft of
the home's gross living area.
Heating Adjustments (Block 3) reflect the desirability of the heating
system. forced air, steam, and baseboard electric receive downward adjustments,
while heat pumps and active solar receive positive adjustments.2
Insulation Adjustments (Block 4) reflect the quality of the insulation
and the health problems of urea formaldehyde insulation (UFFI).
'The upward adjustments seem doubtful.
11
Exterior Construction Adjustments(Block 5) reflect the desirability of
the exterior construction material: stone, brick, clapboard, etc.
Extra Value Items Added to Base Home Value
In addition to the characteristics reflected in the Base Home Value, the
assessment includes a number of other "amenities" that affect the value of the
home. All of these add-ons are assumed to be more valuable in high-grade
construction than in lower-grade construction, so they vary with Grade.
Fireplace values are specified in Block 6 for 1, 2, or 3 (or more) fireplaces;
the applicable value is simply added to the valuation.
Basements, Porches (including decks and greenhouses), Garages, Pools,
Tennis Courts, And Barns (including other outbuildings) are valued based on the
size of the item. For Pools, Tennis Courts, and Barns, the value is computed by
multiplying the item's size by a value per square foot listed (in Block 7, 8, and 9)
for the range con wining the size of the feature.
Basements, Porches, and Garages are valued a little more precisely, since
they are more common and important in terms of total valuation. Each of these
features is valued in much the same way as BHV a Starting value for a range is
increased by an Adder times the excess arca above the lower end of the range.
Special valuation considerations are explained below for each feature.
Basements
Basements (Block 10) are valued by computing a valuation for the total
basement space, and then separately computing the added value for the amount of
space that is Finished.3 The computation is conducted separately for "Type I"
(normal basements) and "Type II" basements, which are essentially ground-level
basements. Type II basements are most common for Splits, but are also found in
other styles, especially on hill-sides.
3Note the need for a change.
12
The basement at 12 Peacock Farm consists of 658 sq.ft of unfinished
Type 1, valued at $4.90/sq ft, for a value of$3,224;plus 650 sq.ft. of
finished Type II basement The 650 sq.ft. of Type II basement is valued at
650 x $24, or$15,600; finishing adds $21/sq.ft., or 650 x $21 = 13,650.4
All three basement values appear in the Valuation Summary
Porches
Porches (Block 11) are valued separately for Open, Covered, Screened and
Enclosed porches or decks. Greenhouses are considered to be enclosed porches.
Small Open and Covered porches, the valuation is computed for the actual size of
the porch, minus 15% of GLA, to eliminate small porches.
The open porch on 12 Peacock Farm is 459 sq.ft. in area. The first 15%
of the GLA is not counted: 15% x 1308 = 196 sq.ft., so only 459 - 196 =
263 sq.ft. is included in the cost computation. Block 11 shows that open
porches over 100 sq.ft. are valued at$120 plus $3.20/sq.ft., so 263 sq.ft.
are valued at $440 + $3.20 x 163 = $962.5
Garages
Garages (Block 12) are valued separately for built-in, attached, and detached
garages, and for finished and unfinished space over the garage.
The house at 12 Peacock Farm has a 400 sq.ft detached garage. In this
size range, Grade D detached garages are valued at$3,400, plus $9/sq.ft.
over 100 sq.ft. The garage at 12 Peacock Farm is thus valued at
$3,400 + $9 x 300 = $5,200.6
4Example: values subject to change.
'Example: values subject to change.
6Example: values subject to change.
13
Total Structure Value
Adding the Extra value items to the Adjusted Base Value produces the Total
Structure Value: what the house would be worth in the typical location and
conditions, and with the base level of land. Total Structure Value can be thought of
as the intrinsic value of the home, before considering how well it has been kept up
and where it is.
Age and Condition Multiplier
The total structure value is multiplied by the Age-And-Condition Multiplier
(or just Condition Multiplier, Block 13), to produce Adjusted Structure Value.
Condition is measured on a scale of 0 (worst) to 9 (best). Roughly speaking,
Condition can be thought of as following the scale in Table 3
Table 3 Condition Guidelines
Condition Explanation
0 or 1 Uninhabitable
2 Built prior to 1800 in original condition
3 Built between 1800 and 1900 in original condition
4 Built between 1900 and 1939 in original condition
5 Built between 1940 and 1959 in original condition
6 Built between 1960 and 1969 in original condition
7 Built between 1970 and 1979 in original condition
8 Built between 1980 and 1989 in original condition
9 Built since 1990
Updated homes are rated by considering the extent to which they have been
updated and improved?
7This explanation is different from the definitions given in the printout of"Real Estate Data Definitions,"pp. 12
13,which emphasize costs of repair,physical condition,as well as age-related factors. Those definitions are
inconsistency with the current system,since 0 is the best rating in the Definitions,and 0 is the worst rating today
This needs to be clarified.
14
The Condition multiplier varies from 0 65 to 1.20, depending on both
Condition and Grade. Each point increase in condition usually results in a 5%
increase in valuation. Grade A and B houses get a zero adjustment for Condition 9,
and a 20% downward adjustment for Condition 5 (which seems to be roughly the
average condition). Grade C, D, and E houses get a zero adjustment for Condition
5 In other words, the Base Home for Grades A and B is in Condition 9, while for
Grades C, D, and E the Base Home is assumed to be in Condition 5
With the Condition Adjustment, we have computed the Adjusted Structure
Value, representing the value of the structures on a typical lot and in a typical
location.
Land Adjustment
The Base Home Value includes the value of a 15,500 sq.ft. lot. This
step adjusts for the difference between the land area for your house's lot and the
15,500 sq.ft. area included for the Base Home. That difference is multiplied by a
value per sq.ft., found in Block 14 Since 12 Peacock Farm has 29,940 sq ft of
land, its assessment is increased by the value of 29,940 - 15,500 = 14,440 sq ft.
The value shown in Block 14 for the range of 24,000 —29,999 is 450/sq ft; 14,440
sq.ft x $0 45/sq.ft. = $6,498.
A special adjustment is made for thin, deep lots with relatively little street
frontage. If the depth of the lot is more than 2.5 times the frontage, the assessment
included only 25% of the area over 2.5 x frontage x frontage.
With the Land Adjustment, we have computed the Total Property Value,
representing the value of the structures and lot in typical location.
15
Adjustment of Total Property Value
The final step of the valuation computation is the adjustment of total
property value with Neighborhood, Site, Traffic, and Other-Factor Multipliers.
Each modifier is a factor between 0.50 and 1.20 The resulting factors are multiplied
together to produce the COMPOSIIL MODIFIER, which is then multiplied by the
subtotal. The values of all four factors vary with Grade; neighborhood and
SITE (Block 15) is a judgmental factor reflecting neighboring
commercial uses and access problems.
TRAFFIC (Block 16) modification reflects both isolation (-1% for no
traffic) and noise, with large negative adjustments for heavy traffic, either on the
home's street or adjacent roadways.
NEIGHBORHOOD (19) modification reflects the age and quality of
houses in the general neighborhood, although local pockets are also reflected,
especially for upward adjustments.
OTHER allows the Assessor to adjust valuation to reflect any factors
otherwise omitted, such as a home that is "underbuilt for the neighborhood." The
Other adjustment is usually 1 00, but ranges from 0 85 to 1 15
Higher Grades of construction have higher Base Home Values than lower
Grades, for the same style and Gross Living Area. However, the higher Grades
systematically receive lower condition adjustment and neighborhood modifiers. A
house of Grade B gets a 20% lower condition modifier than Grades C, D, or E, and
a neighborhood modifier 10% lower than C, and 14% lower than D and E. For
neighborhood type 5 and condition 5, Grade C Base Home Values receive no
adjustment, while the combination of the modifiers adjust Grade B values
downward by a total of 28%.
This step in the computation decreases the value of a Grade B house's
amenities by 28%, and its land value is decreased by 10%, compared to the same
house at Grade C While both the Base Value and the amenities are priced higher in
Grade B, this differential is reduced by the condition/neighborhood discount. Since
land is valued equally for all Grades, prior to adjustments, the higher-grade houses
16
will always be assessed less for land over 15,500 sq. ft, and get less of a reduction
for having less than 15,500 sq ft.
For example, consider 2000 sq. ft. Capes with 3 bedrooms and 2
baths, in an average (type 5) neighborhood and in average condition (5),
with one fireplace, a 480 sq. ft. attached garage, a 1,200 sq. ft. finished
basement, and a 24,000 sq. ft. lots
Factor Grade B Grade C Notes
Base Value 382,000 310,000 Grade B starts higher
Bath Adj-Full 0 4,000 Grade C increased
Half 0 (2,100)
Finished Basement 7,620 6,540 Grade B increased
Fireplaces 1,800 1,500 Grade B increased
Garage Attached 8,400 7,680 Grade B increased
Structure Value 399,820 327,620 Grade B is still higher
Condition Adj 0.80 0 Big reduction for Grade B
Adjusted Struct. 319,856 327,620 Grade B is now lower
Effective Land 3,825 3,825
Property Value 323,681 331,445
Neighborhood Adj 0.90 1 00 Grade B reduced again
Valuation (rounded)
291,000 331,000 Grade B ends lower than C
Note how the modifiers change the values of both the base house and the
amenities:
8This example will change;Valuation Charts will be added.
17
Assessed Value
Assessed Value is determined by rounding the product of the Total Property
Value times the Combined Multiplier to the nearest $1000
18
A iT_A-�++ MWNT 1 __
1 LEXINGTON ASSESSOR S OFFICE ,,1
f RESIDENTIAL VALUATION SUMMARY 1
I PROPERTY DATA 1 GENERAL BUILDING DATA YEAR BUILT 1958 CONDITION RATING (1-91 6
1 PARCEL ID" 0008000081 NBHD CODE 5 I STYLE 24 CONTEMPORARY GRADE. 0 HEAT TYPE. 4 U.K BASEBOARD
LOCATION: 12 PEACOCK FARM RO i BEDROOMS. 3 FULL BATHS. 2 HALF BATHS I FIREPLACES. 1 1
1 RECENT SALE' 010191 $264,500 CONSTRUCTION. 01 FRAME-HARDBOARD/SHGL INSULATION RATING (I-4) 2
I �
,
II
SITE CHARACTERISTICS 11 BUILDING AREA FIN UN 11
GARAGES OTHER
1I CLASSIFICATION: 101 RES-SINGLE-FAMILY(1 BASEMENT TYPE I 0 SF 65 SF BUILT-IN 0 SF OPEN PORCH/DECK 459 SF
)) LARD-AREA, 29 940 SF '1 BASEMENT TYPE II 650 SF SF I ATTACHED 0 $F CVRD PORCH/DECK 0 SF
LAND-EFF FRONT FOOTAGE. 125 FT j FLOOR 1 1.308 SF SF DETACHEO 400 SF SCREENED PORCH .0 SF
1 SITE-TRAFFIC RATIO. 2 LIGHT-MODERA'TE FLOOR 2 0 SF" SF 2ND FLOOR 0 SF ENCLOSED PORCH 0 SF
1 SITE-DESIRABILITY 1 INFERIOR 1 FLOOR 3 0 SF SF 444019414 ---ttOi?1- RES GREENHOUSE 0 SF
1, I. a SHEDS 0 SF
BARNS 0 SF
+1 COMMENTS. Il FISCAL YEAR IS92'VALUE' 6257,000 SHINNING POOL 0 SF
i! SPECIAL FEATURES ADJUSTMENT 1,00 11 FISCAL YEAR 1993 VALUE: $260,000 TENNIS COURT 0 SF
I VALUE CALCULATIONS tto BE ‘CoA GA A1rzED,
I BASE HONE VALUE (BHV) 195,900 HEATINGIINSULATION ADJ 0 BASE AGE/CONDITION ADJ 1.05
1 FULL BATH OYER BASE AOJ 3 4001 - BHV FIREPLACE ADJ 1,300 ADJUSTED FORAGE/GOND 252,214
HALF BATH OVER BASE ADJ OP CONSTRUCTION TYPE ADJ -0 EFFLAND OYER/UNDER BASE ADJ 6,498
UNE BASEMENT-TYPE 1 ADJ 3,224 SHY AOJUSTED FOR STRUCTURAL 234,204 SHY ADJUSTED FOR LAND AREA 258,712
1 FIN BASEMENT-TYPE I ADJ 0 BUILT-IN GARAGE AOJ 0 NEIGHBORHOOD MODIFIER 1.04
1 UNF BASEMENT-TYPE 2 AOJ 0 ATTACHED GARAGE ADJ 0 SITE OESIR�,L.ITY�IODIFER _____,9.7_7
FIN BASEMENT-TYPE 2 ADJ 29,250 DETACHED GARAGE-ADJ 6,000 TRAFFTC INFLUENCE MODIFIER 1.00
ADJUSTED SHY 231 774 GARAGE-2N0 FLOOR ADJ 0 OTHER ADJUSTMENTS 1.00 I
1 OPEN PORCH/DECK ADJ 1 130 SHY ADJUSTED FOR GARAGES 240,204 COMPOSITE MODIFIER 1,01
I COVERED PORCH/DECA ADJ 0 SWIMMING POOL ADJUSTMENT 0
I SCREENED PORCH AN 0 TENNIS COURT ADJUSTMENT 0 INDICATED VALUE (ROUNDED) 260,000
ENCLOSED PORCH/GREENHSE 0 BARN ADJUSTMENT 0 MEDIAN VALUE-ALL COMPARABLES 279,000
1 INV ADJUSTED FOR PORCHES 232,904 BNV ADJUSTED FOR AMENITIES 240,204 COD-ALL COMPARABLES 5.9941
1 COMPARABLE SALES SUMMARY
--- DESCRIPTION ---- ---- SUBJECT 11 COMPARABLE I COMPARABLE 2 ------- ------- COMPARABLE 3
PARCEL IO 0008000087 110008000067 0077000163 0089000026
LOCATION ADDRESS SEE ABOVE 11 12 PEACOCK FARM RD 3 ANGIER RD -- 57 TURNING MILL RD
SALE DATE 070191 1 070191 112591 ;,(i -vr, . ` 040891 1
1 SALE PRICE 264 50011 264.5001 /�° ' 285,000 270,000
I
STYLE/GRADE/BORN/GLA 24/0/3/13085F 124/0/3/1308SE I 0 24/D/4/1261SF" Di'r #l��k
-5,650 24/D/3/12245F 100
FULL/HALF OATHS FBTH: 2/HBATH: 1I FBTH: 2/HBATH 1 1 0 FBTH. I/HBATH. 1 '9'''5,000 FBTH 1/HBATH 1 3,400
1 BSMNTS TYP IU/IF/IIF U 658E OE 650 U 658F OE 650 1 0 U 611F OE 650 230 U 162F DE 450 9,991
PORCH OP/CVD/SCR/ENC SEE ABOVE I 459/ 0/ 0/ 01 0 0/ 0/ 0/ 0 1,130 437/ 0/ 1691 0 -2,283
OTHER STRUCTURAL SEE ABOVE I I 01 -0 0 .
GARAGE OLTIN/ATT/DET 8 0/A 0/0 4001 8 0/A 0/D 400 01B 0/A 0/0 0 6,000 B 0/A 0/0 0 6,000
OTHER AMENITIES SEE ABOVE I I DI 0 0
1
SUBTOTAL 1 264,500 291,710 291,3081
1 AGE/CONDITION ADJ YBLT 1958/CRTG:6 1 YBLT 1958/CRTG: 6 I 1.00 YBLT 1363/CRTG: 6 1.00 YBLT 1959/CRTG: 6 1 0011
I
',SUBTOTAL I1 1 264,500 291,210 291,30511
),LAND AREA/FRONT FEET 29,9405F/ 125FF11 29,940SF/ 125 0 30,4005F/ 206 -3,181 30,0585F/ 150 -2,96511
IISUBTOTAL1 1 264,5001 299,523 268,34311
LOCATION ADJUSTMENT I N 5/S ,/T 2/ 1 JO 1N5 /S IIT 2/0 1 DO 1.001N5 /S 2/T 2/0 1.00 91 N5 /5 2/T 2/0 1 00 ,9711
'INDICATED VALUE I 11n 1 ii 265,0001 273,000 279 00011
1
PkiT Prc.H- ME- NT 2
LEXINGTON ASSESSOR'S OFFICE
FY1993 SINGLE FAMILY VALUATION CHART
BUILDING STYLE 24 CONTEMPORARY CONSTRUCTION GRADE 0 BEDROOMS' 3
' I I I1 1 1 HEATING ADJUSTMENTS EXTERIOR CONSTRUCTION
1.Base Home Value I I 1 I CODE DESCRIPTION ADJUSTMENT CODE DESCRIPTION ADJUSTMENT
I I I I I I 1 NO NEAT SOURCE 7 00/SF 01 FRAME-HARDBOARD/SHGL -.35/SF
Ill CIA is Istag Value ladder I 2 FLOOR/WALL FURNACE -4.25/SF 02 FRAME-ALUMINUM SIDING 50/SF
I< 850 sf I I $168,000 I -601/sf I
1> 850 sf and< 950 sf $168,000 70/sf 3 FORCED HOT AIR -3 50/SF 03 FRAME-VINYL SIDING 1.50/SF
> 950 stand< 1,05o1sf I $175,000 I bol/sf I 4 HOT WATER BASEBOARD 0 00/SF 04 FRAME-STUCCO SIDING 1.75/SF
I> 11,050sfand<11,1501sfI $181,0001 60I/sf 5 RADIATOR/STEAM -1 25/SF 05 FRAME-CLAPBOARD SIDING 0 00/SF
I> I15sfand<11,250sf $187,000 solisf� 6 ELECTRIC BASEBOARD -4 50/SF 06 FRAME-BRICK FACE .25/SF
> 1,2.2500sf and<11,350 sf $193,000 . 50/sf
I> 11,351 sfand<11 450 sf $198,000 501/al 7 HEAT PUMP .50/SF 07 FRAME-BRICK (PARTIAL) .25/SF
I> 11,450Isfand<11,550sf $203,000 501/sfI 8 ACTIVE SOLAR/BACKUP 75/SF 08 FRAME-STONE FACE 25/SF
I> 11,5501sfand<I1,650sf $208,000 5OI/sfI09 MASONRY-BRICK 35/SF
11> 11,6501sfand<11,750sf $213,000 401/sfI I> I1,750
1 FIREPLACE ADJUSTMENTS ADJUSTM 1 10 MASONRY BLOCK 1 15/SF
11 I I I
1 FIREPLACE OPENINGS 1300 11 MASONRY-STUCCO 1 50/SF
sfand<1 osf $217,000 solisfl
12.Bath Adjustment I 1 2 FIREPLACE OPENINGS 2100 12 MASONRY-STONE 25/SF
I I I , 3 OR MORE FIREPLACES 2600
Full Baths in Base 1 __. .._. BARNS, SHEDS, AND OUTBUILDINGS
firstextra
first fullextra $3,400 I 'INSULATION ADJUSTMENTS ADJUSTMENT 200 - 59951 12,50/SF
I ( beyond extra $2,200 1
I 1 I I I 1 POOR/NONE -2.25/SF 600 - 999SF 11.75/SF
i 'Half Baths in Base 1 I 2 MODERATE 0.00/SF 1,000 1,499SF 11 00/SF
I 1 'beIfiryond
extra full xra $1,3501 3 FULL/TO CODE 1.25/SF 1,500 1,999SF 10.50/SF
I beyond first extra $1,350 I
,- 4 UFFI -3 25/SF 2,000 GREATER 10.25/SF
GARAGES 100SF 180SF.Ji 240SF 300SF 380SF 460SF 560SF
f 4 BASEMENT/BUILT-IN 36.00 31.50 26.50 23 00 19 00 15.00 12 00
0,4"S; , ' ATTACHED 35.00 28.00 22.00 19.00 16.00 12.00 7 00
kola, DETACHED 34 00 27 00 21.00 18.00 15.00 11 00 7 r.tty.‘ ; UNFIN 2ND FLOOR 1.00 6.75 6.00 5 75 5.50 5.25 5.00
FINISHED 2ND FLA 22.00 21.00 20 00 19.00 18.00 17 00 16.00
/"BASEMENT TYPE I•UNFIN I-FINISH II-UNFIN II-FINISH SWIMMING POOLS TENNIS COURTS
0 599SF 5.45/SF 6.50/SF 25 00/SF 48.00/SF 200 - 399SF 23.50/SF 600 999SF 4.25/SF
��1,,J 600 - 799SF 4 90/SF 6 00/SF 24 00/SF 45.00/SF 400 599SF 23.00/SF 1000 1399SF 4 00/SF
800 - 999SF 4 50/SF 5.60/SF 23 00/SF 43 00/SF 600 799SF 22.50/SF 1400 - 1799SF 3 75/SF
‘1^- 1,000 1,199SF 4 00/SF 5.30/SF 22 00/SF 41 00/SF 800 - 999S 22.00/SF 1800 2199SF 3.50/SF
"VCy, 41 1,200 1,399SF 3.50/SF 5.15/SF 21 00/SF 40 00/SF 1000 > 21.50/SF 2200 ) 3.25/SF
(n� %e + 1,400 1 5995V 3 00/SF 4 95/SF 20 00/SF 39 00/SF --
4' 1TTa 1,600 1 799SF 2 80/SF 4.85/SF 19 00/SF 38.00/SF OVERALL CONDITION 1 NEIGHBORHOOD ADJUSTMENTS
1,800 1,999SF 2 65/SF 4 80/SF 18 00/SF 37 00/SF RATING MODIFIER ; TYPE DESCRIPTION MODIFIER
2,000 OR LARGER 2 50/SF 4 75/SF 17 00/SF 36 00/SF 0 0.7o ' 1 EXC/HIGH END I, 1y
1 0.a0 2 EXC/POCKET WI
PORCHES/DECKS OSF 100SF 200SF 300SF 400SF 550SF 700SF 2 e' 65 3 VGOOD/50-70'S ( fly
1I 99SF 199SF 299SF 399SF 549SF 699SF --) 3 0 40 4 GOOD/50-70'S 1,0`4
cCf�TYt'j ,S OPEN PORCH/DECK 4 50 4 40 4.30 4 20 4 10 3 90 3.40 4 D.41 5 TRACT CONTEMPS foie
i CVRD PORCH/DECK 10 00 9 80 9 60 9 40 9 20 8.80 7.80 5 1 0O 6 AVG/30-60'S 1 °p
-ESCREENED PORCH 14 00 13 75 13.50 13.25 13.00 12.50 11 50 6 1 'D 5 7 FAIR/EARLY 1900 0.4 7
NCLOSED PORCH 19 00 18.75 18.50 18.25 18.00 17 50 15.50 7 I 1� 8 GOOD/EARLY 1900 1,06
--- 8 t t 5 9 VGD/EARLY 1990 i i b
LAND AREA ADJUSTMENTS (Apply to the actual land area minus 15,500SF) 9 h 2b ; 10 HISTORIC 1.14
0 2999SF 2.00 12000 15499SF .23 37000 44999SF .60 SITE RATING TRAFFIC INFLUENCE
3000 4499SF 1 25 15500 19499SF .21 45000 - 54999SF .55 1 INFERIOR c7401.1 1 NO TRAFFIC/.LIGHT 0,41
4500 6499SIF 1 17 19500 23999SF .20 55000 69999SF 50 2 TYPICAL ( ,00 2 LIGHT/MODERATE 0 00
6500 8999SF 1 10 24000 29999SF 45 70000 89999SF 45 3 SUPERIOR 1,0( 3 MODERATE/HEAVY 0 9475
9000 119995F 25 30000 34999SF 65 90000 -> 40 4 VERY HEAVY 0 87
THREE EXAMPLES OF
VALUATION COMPUTATIONS
The examples will be revised to fit the new valuation formula.
SII'
Example 1
Ranch House - 2 Bedrooms -Construction Grade D Built 1953
Construction Frame-Aluminum Hot Water Baseboard Heating;
2 Fireplaces Insulation Moderate; Land Area 103,673 sq ft ;
Front Footage 100 ft ;Traffic Rating Light/Moderate ; Site
Desirability Typical Neighborhood Ave ;Living Area 1537 sq ft ;
Basement I-UNF 749 sq ft ; I-FINISH 788 sq ft ; Garage (attached)
612 sq ft ; Base Age/Condition Ave
Calculations
a) Base Home Value (BHV)
190 000 Base Property Value (Lower MV)
4,350 ( 1537-1450)x50 00 Gross Living Area Adjustment
194 350
b) Primary Adjustments
1 600 Extra Half Bathroom
3 870 749x4 90 for I-UNF Basement
4 728 788x6 00 for I-FINISH Basement
2 100 2 Fireplaces
4 284 612x7 00 Attached Garage
210 732
c) Secondary Adjustments
210 732 210,732x1 00 Base Age/Condition Adjustment
17 501 Effective Land Area
228 233
0 97 Neighborhood Modifier
1 00 Site Desirability
1 00 Traffic Influence
1 00 Other Adjustment
0 97x1 OOx1 OOx1 00=0 9700 Composite Modifier
228 233x0 9700 = 221 386 01 rounded
221 000
Final Assessed Value
The Effective Land Area was calculated as follows
1 ) Frontage 100 ft
2 ) Land Area 103 673 sg ft
3) Calculate 1 )xl )x2 5
100x100x2 5 = 25 000
4) Calculate 2)-3)
103 673-25 000 = 78 673
5) Calculate 4)x0 25
78 673x0 25 = 19 668
6) Calculate 3)+5)
25 000+19,668 = 44 668
7 ) Calculate 6)-15 500
44 668-15 500 = 29 168
8) Enter the Land Area Adjustments using the value
calculated under 6) giving Factor 0 60
9) Calculate 7)xFactor
29 168x0 60 = 17 501
Enter this under Effective Land Area in
the general calculation
T7h' S-55r n:F
Y 97 .1N' 'AMI'? VA:VAT:ON CHArT
J- NG L. ,MN, ANS-EFT-ON GRA: n "Et M5
^A_ Y ALT; h'M 'NG 8C'-USTMF1: E "TOR rONST 7
5• C DES" R^OH AD)dSTMENT COD: )E:C'IP 'Nc
677 40 70n 1 NO 'AT 5O7PCE 7 nn/5F -MM: "AR " .
70u '99 t 48.70 '1 :R WA' FURNAC: -4 '5' 02 RAM -4LUM:N4M 57 ,,
.:F' :99 $ .5: rl,. •0Ct" "T 4T.. :I' 3 r.AM; .i'N
co- 997 5F .6"4 (�.. NOT! A .ARO n0 5. 4 FRAM.-5 N. /5
10 , '0 3 -AD MIunJt HM i 'SF ('rt FkAMF !A` OPE NG - '
:F $ ,46 :LECT" BA-.c:AR: -4 5„I5' OE FRAME-RE 'AC_ 25/
1 X99 5 1F, .0 7 MEAT Phi: ,/SF '7 .AME .0 -sr ,A.
:F 185 '0 ACT'V- SOLA.7/BArKUA 75' 08 FRAME ST'N' .Ar '5,5.
4q, . > 9r ?9 MASONRY 'C .i
F Ar' s: .Ii.TMEN.c AD. 1STMEN n MASON. .D: -5,
GROS Di NG -REA ADZUc'MENT" Fi..:CIACE OPEN:NG" 1500/SF 11 MASONRY-5TO CO
... T•MN 500 5' 9, ,5' , T AC OPEHIHr- 2100/'. 1: MASONRY-5TCN-
A r5.RF -r Ar i 4'4 $ :/:! . 3 ' MO" A. "5 '600/5- --- ---
.ARCS 5IF05 DNC, 9i iTCOT 'N,S.
rTA- :AM- V. RAE AD 'tIS'MENTS 1151 ATION AD.:-TMENTS MD:U5'MEN 2200 c.9"'.. :0/c:
'RA rt' GAT 'RS $ -00/BA ' ".,NONE c 25/5F Er. 999S' _a 75
:CM, $ u :/BAT ' . MCDEMAT- 00i5:1 '00 4:95. 5;
IRA ".AL CA'. • 115 t/Fq„ - GLC 1 25I5• 999: t0 _:1/"
.,ECONC S 1 .. '/"ATH 4 UF-I L4/S. 00' Gr.AT-
GA' :ATHAC:ME 5"ECL. '"A'I:N- --- l7�tT_ /}Qj. W 7'300;174, �43T.�ijd^t7 /
:RADE :DEM ,DEM 4BDFM FORM GARAGES >;,0i'_ .441 _2h9 F fry' 0
r. NA NA 5 BAS:MEN..EU:LT SN :o .1 :0 2c 50 23 9 15
NM 3 3 5 p'-AC1.cn ', 2' _.0 9 00 n
n 0 I' M. .� '00 1: �„ . An
_. 2 MC.. '4 2 21t 1.5 r
., , 4 c2 2 0 ' UNF'+. 7ND _. T . 75 . A 5 75
1 S NA "'NISH, 7ND 22 '0 L. ,0 20 00 1 00 15.0 16
:M:'MEA 'PF -jHF'l -F-N'S' NrIN T 'NISH :WIMM'NG :Or 5 TENN 11''T-
n :995. :.AF,-. o.,n'SF 25 00/5. 45 70 :F 200 7995 60 • 4
9r. 6 '0.?i-) "4 O0%5." 4: 0'S 40 5995- 2- :i 799SF
w9-F 4 IS- : n':F -- ,. '0/SF 4 O;SF 60 799C -.0 -r
0r °' '0/ 00:57 4 00/SF 8, 999- ..
-99 c. SF .5i5r '1 /5' 4C. r,:i 0'u '1 5, ,0
4' 4 95'5: 2_ 0/' c'
S0•c" 4 .LSF 9 ,0/S: ;B 00/ OVERALL "nNDITIO' NE Gh909h' A, 4`WN 5
.-.
DZ.L. 4 G.:i 001 7 ,i RM 1N' MUL' _ER. : I.FC• :'1 ql M0'
' 0 .AGR 2 ./5F 4 1 'LSE ,c 001 0 ? 'H ', ,0
___ 20 00% 2 Xri:QCKE7
50..05- !. On!'
'00 .405F 400SF :.05F 'Li ' rn% VG_ t5, 70 4 1
995 99 _,95 t9 -495, 699E' 1n 10' 4 :0 '' _
17N :ORC. IDE. K 50 4 4) 4 30 4 20 4 0 3 90 s 40 4 -5 0n CO TCM" ,4
'.8 RAL N....
•V- -D« Orr. .0 c c0 c n 40 9 20 8.80 "_. a ` AV -'
_L, :NE_ Pr"Cd 14 '0 ' 75 13 3 " 1_,n0 12 :0 1 - :01 - .M 9L,
:H, 0 1_ 7; F '0 1 15!“ 50 5 4n. .nOC.rAa,r 1900
5 1% 9 V. .,/'4^ 3
•!' A- M AD MEN Anpl,, to the actua .ano area mm rue 155,,n09E I 9 2: .70€ 10 75'07 .1.E
..r,' 15497'F (7' g49c;c; ; ,A 'NG -A. NF.
449c- 15- 949c5F '1 4 ,u ,49995E :. .pr.-.,^ I N. A. .;
.4995' 95. "X9995' 2C ,.. 99995 F0 'P''ALn5 On •,
4n ;999 4. 7000 89999, 4: in p...--:,.-1. .M,,
._. ..` 9' 40 V• -Al.
Example 2
Cape Code - 4 Bedrooms - Construction Grade D Built 1947
Construction Clapboard Siding Hot Water Baseboard Heating
1 Fireplace Insulation Moderate Land Area 7070;
Front Footage 123; Traffic Light/Moderate; Site
Typical;Neighborhood Good; Living Area 7007 Basement I-UNF 1184;
Garage (attached) 220 Base Age/Condition Ave
Calculations
a) Base Home Value (BHV)
227 000 Base Property Value (1184 1st Floor + 1216 2nd
Floor = 2400 sg ft ) (Loweer MV)
14 000 (2400-2050)x40 Gross Living Area Adjust
241 000
b) Primary Adjustments
-3 500 1 Full Bath less than specified
1 900 Half Bath over specified
4 736 1184x4 00 = 4736 Basement I-UNF
1 300 1 Fireplace
6, 150 220x28 = 6160 Attached Garage
251 596
c ) Secondary Adjustments
251,596 1 00x251 596 Base Age/Condition Adjustment
-9 273 Effective Land Area
242 323
1 04 Neighborhood Modifier
1 00 Site Desirability
1 00 Traffic Influence
1 00 Other Adjustments
1 04x1 00x1 00x1 00 = 1 0400 Composite Modifier
242 323x1 04 = 252 016 rounded
252 000
Final Assessed Value
The Effective Land Area was calculated as follows
1) Frontage 123 ft
2 ) Land Area 7070 so ft
3) Calculate 1)xl)x2 5
123x123x2 5 = 37 822 5
4) Calculate 2)-3)
7070-37 822 5 = -30,752 5
10) Calculate 2)-15 500
7070-15 500 = -8430
11 ) Enter the Land Adjustments using the value
of 2) , giving a Factor 1 10
12) Calculate 10)xFactor
-8430x1 10 = -9273
Enter this under Effective Land Area in
the general calculation
LEXINGTON ASSESSOR'S OFFICE
FY1993 SINGLE FAMILY VALUATION CHART
BUILDING STYLE. 25 CAPE COD CONSTRUCTION GRADE. 0 BEDROOMS. 4
BASE PROPERTY VALUE HEATING ADJUSTMENTS EXTERIOR CONSTRUCTION
1 100 - 1,199 SF $ 185,000 ; CODE DESCRIPTION ADJUSTMENT CODE DESCRIPTION ADJUSTMENT
1,200 - 1,299 SF $ 191 000 1 1 NO HEAT SOURCE -7 00/Sf 01 FRAME-NARDBOARD/SHGL .35/SF
1,300 - 1,399 SF $ 196,000 2 FLOOR/NALL FURNACE -4.25/SF 02 FRAME-ALUMINUM SIDING .50/SF
1,400 - 1,499 SF $ 201,000 1 3 FORCED HOT AIR -3.50/SF 03 FRAME-VINYL SIDING 1.50/SF
1,500 - 1,599 SF $ 206,000 (c4' Mul WATER BASEBOARD tril07SD 04 FRAME-STUCCO SIDING -1,75/SF
1,600 - 1,699 SF $ 211,000 1 5 RADIATOR/STEAM 1.25/SF Cua.�. rnHnt-CLAPBOARD SIDING 0.01!T-)
1,700 - 1,799 SF $ 215,000 ; 6 ELECTRIC BASEBOARD -4.50/SF 06 FRAME-BR1CK FACE .25/SF
1,800 - 1,899 SF $ 219,000 ; 7 HEAT PUMP .50/SF 07 FRAME-BRICK (PARTIAL) .25/SF
C900 - 1,999 SF $ 223,000 ; 8 ACTIVE SOLAR/BACKUP 75/SF 08 FRAME-STONE FACE .25/SF
2nSF $ 227,000 09 MASONRY-BRICK .35/SF
-- ------ FIREPLACE ADJUSTMENTS ADJUSTMENT 10 MASONRY-BLOCK -7 75/SF
GROSS LIVING AREA ADJUSTMENTSI.t WINGS 1300/ T 11 MASONRY-STUCCO -1.50/SF
LA LESS THANAN1,100 SF. $ 50 00/SF 2 FIREPLACE OPENINGS 2100/SF 12 MASONRY-STONE .25/SF
4SCIF M( ORrTAAN 2,099 SF $ 40.00/5F> 3 OR MORE FIREPLACES 2600/SF
�-�• ; BARNS, SHEDS, AHD OUTBUILDINGS
EXTRAJATHS OVER BASE ADJUSTMENTS 1 INSULATION ADJUSTMENTS ADJUSTMENT 200 - 599SF 12.50/SF
EXTRA FULL BATHS-FIRsI i s,auu/unin 1 POOR/NONE -2.25/SF 600 - 999SF 11.75/SF
S CORD: $_2,400 BATH 1 2 MODERATE 0.00/SF 1,000 - 1,499SF 11.00/SF
t%IHA HALF BATHS-FIRST $ 1,900/BATH: 3 FULL/TO CODE 1.25/SF 1 1,500 - 1,999SF 10.50/SF
SECOND: $ 1,500/BATH 4 UFFI -3.25/SF 1 2,000 - GREATER 10.25/SF
BASE BATHROOMS SPECIFICATIONS In----m0 fire �; 3y60Sf-
GRADE 28DRM 38DRM 4BDRM 58DRM GARAGES >) 4Sf ),80SF' 'QA9 56641F4560SF
A NA NA 3.0 3.5 ASEMENT/BUILT-IN 4,Q0 31.50 26.50 23.00 19.00 15.00 12.00
8 NA 2.0 3.0 3.5 CAJTACHED 35.00 28.00 22.00 19.00 16.00 12.::
C 1.5 2.0 2.7 3.0 DETACHED 34.00 '. .'1 :.'' .' 11 00 7 00
D 1 '0 1.5 2.0 2.0 UNFIN 2ND FLOOR 7 00 6.75 6.00 5.75 5.50 5.25 5.00
E 1 0 1 0 T.5 NA FINISHED 2ND FLR 22.00 21.00 20.00 19 00 18.00 17 00 16.00
BASEMENT TYPE I-UNFIN I-FINISH II-UNFIN II-FINISH SWIMMING POOLS TENNIS COURTS
0 - 599SF 5.45/SF 6.50/SF 25.00/SF 48.00/SF 200 - 399SF 23.50/SF 600 - 999SF 4.25/SF
600 - 799SF 4 90/5F 6.00/SF 24.00/SF 45 00/SF 400 - 599SF 23.00/SF 1000 1399SF 4 00/SF
800 - 999SF 4.50/SF 5.60/ 3.00/SF 600 - 799SF 22.50/SF 1400 1799SF 3.75/SF
(...i,VUu - 1,199SF 4 0015E 5.30/SF 22.00/SF 41.00/SF 00 - 999S 22.00/SF 1800 2199SF 3.50/SF
1,200 - !,399SF 3.50/SF 5.15/SF 21 00/ff 40.00/SF 1000 -) 21.50/SF 2200 > 3.25/SF
1,400 - 1,599SF 3 00/SF 4 95/SF 20 00/SF 39 00/SF
1,600 - !,799SF 2.80/SF 4.85/SF 19 00/SF 38.00/SF OVERALL CONDITION NEIGHBORHOOD ADJUSTMENTS
1,800 - 1,999SF 2.65/SF 4.80/SF 18.00/SF 37 00/SF RATING MODIFIER TYPE DESCRIPTION MODIFIER
2,000 OR LARGER 2.50/SF 4 75/SF 17.00/SF 36.00/SF 0 -30 00% I EXC/NIGH END 114 00%
1 -20.00% 2 EXC/POCKET 111.00%
PORCHES/DECKS OSF 100SF 200SF 300SF 400SF 550SF 700SF 2 -15.00% 3 .VG000/50-7 ' 14.00%
99SF 199SF 299SF 399SF 549SF 699SF ----) 3 -10.00% ''4 GOOD/50-70'S 104 00%
OPEN PORCH/DECK 4.50 4 40 4.30 4.20 4.10 3.90 3.40 L -5 OA 5 TRACT CONTEMPS 104.0U%
CVRD PORCH/DECK 10 00 9.80 9.60 9 40 9.20 8.80 7.80 (1".5 0.000 6 AVG/30-60'S 100.00%
SCREENED PORCH 14.00 13.75 13.50 13.25 13.00 12.50 11.50 6 5.00% 7 FAIR/EARLY 1900 97 00%
ENCLOSED PORCH 19.00 18.75 18.50 18.25 18.00 17.50 15.50 7 10 00% 8 GOOD/EARLY 1900 106.00%
8 15.00% ' 9 VGD/EARLY 1900 116.00%
LAND AREA ADJUSTMENTS (Apply to the actual land area sinus 15,500SF) 9 20 00% 10 HISTORIC 116 00%
--- --- --- -------
0 - 2999SF 2 00 12000 - 15499SF .23 37000 - 44999SF .60 SITE RATING 1 TRAFFIC INFLUENCE
3000 - 4499SF 1 25 15500 - 19499SF .21 45000 54999SF .55 INF : I: - 25% ' 1 NO TRAFFIC/LIGHT -1.00%
4500 - 6499SF 1 17 19500 - 23999SF .20 55000 69999SF .50 '.2 TYPICAL 0.00 q. L1uHl/MUDERAIL 0 Ni->
6500 - 8999SF 1 10 24000 299995f 45 70000 - 899995F .45 1 3 SUP RIO' 1 00% 3 MODERATE/HEAVY----75.25%
9000 - 11999SF .25 (_00 - 36999SF .69 90000 -> 40 1 4 VERY HEAVY -13.00%
Example 3
Contemporary - 3 Bedrooms - Construction Grade D - Built 1958
Construction Hardboard/Shingles Hot Water Baseboard Heating
1 Fireplace Insulation Moderate Land Area 29 940 sq ft ;
Fron Footage 125 ft Traffic Light Moderate; Site Desira-
bility Inferior; Neighborhood Good Traffic Light/Moderate;
Living Area 1308 sq ft Basement I-UNF 658 sq ft - II-FIN
650 aq ft ; Open Porch/Deck 459 sq ft ; Garage, Detached 400 sq ft ;
Detached Carport 120 sq ft
Calculations
a) Base Home Value (BHV)
193 000 Base Property Value (Lower MV)
2 900 Difference 1308-1250=58 (198,000-193,000)/100x58=2900
195 900
b) Primary Adjustments
3 400 Extra Full Bath
3 224 Basement - I-UNF (658x4 90)
29 250 Basement - II-FIN (650x45)
1 882 Open Porch - (459x4 10)
1 300 Fireplace
6 000 Detached Garage (400x15)
240 956
c ) Secondary Adjustments
253 004-Base/Age Condition 1 05 240,956x1 05
8 498 Effective Land Area
259 502
1 04 Neighborhood Modifier
0 97 Site Desirability
1 00 Traffic Influence
1 00 Other Adjustments
1 04x0 97x1 00x1 00 = 1 0088 Composite Modifier
259 502x1 0088 = 261 785 6176
261 000
Final Assessed Value
The Effective Land Area was calculated as follows
1) Frontage 125 ft
2) Land Area 29 940 sq ft
3) Calculate 1 )xl )x2 5
125x125x2 5 = 39 062 5
4) Calculate 2)-3)
29,940-39 082 5 = -9122 5
10) Calculate 2)-15 500
29 940-15 500 = 14 400
11) Enter the Land Adjustments using the value
of 2) , giving a Factor 0 45
12) Calculate 10)xFactor
14,400x0 45 =6498
Enter this under Effective Land Area in
the general calculation
WORKSHEET FOR
COMPUTING A
RESIDENTIAL VALUATION
The worksheet will be modified to simplify the numbering, more clearly
direct the user to enter values on specific lines, and reflect the new valuation
formula.
COMPLETE INSTRUCTIONS FOR COMPUTING AN ASSESSMENT
PAUL CHERNICK
September 22, 1993
1 Compute Gross Living Area (GLA) from Building Area (Summary
Block 3)
GLA = finished space floor 1 + finished space floor 2
+ 3 x [finished space floor 3 + unfinished space floor 1
+ unfinished space floor 2]
+ 15% x unfinished space floor 3
2 Find Valuation Chart matching home style, grade, and bedrooms
(Summary Block 1) If no exact match exists for number of
bedrooms, use Chart with closest number of bedrooms and
correct style and grade.
3. Compute Base Home Value (BHV) , Summary Line 1, from Chart
Block 1 and GLA.
a If GLA is greater than the smallest area listed in Chart
Block 1, copy down
i the largest listed area smaller than the GLA
ii the BHV at that area (column a) _, and
iii the extra area value (column b)
iv Subtract line ii from the GLA
v. Multiply line iv by line iii
vi Add line v to line ii _ This is total BHV,
line 1
b If GLA is smaller than the smallest area listed in Chart
Block 1, copy down
i the smallest listed area
ii the BHV at that area. (column a) _, and
iii the "less than" value (Block 2)
iv Subtract the GLA from line ii
v Multiply line iv by line iii
vi Subtract line v from line ii This is total
BHV, line 1
4 Bath adjustment
a Compute number of over (under) full baths-
i Copy assumed bath number from Block 4 forgrade and ;-.
bedrooms
ii Write integer (left of decimal) part of step i .- . ,
iii. Write "full baths" number from summary Block 1
iv, Subtract iii from ii
If iv is >0, this is the number of baths over base.,- .if
iv is <0, this is the 'number of baths under.-base. <;; .;f. ;;;5t7",
v If iv = '0", go to step b.
vi. If iv = 1, enter "extra full baths - first" value.
from Chart Block 3 in Summary line 2.
vii If iv = -1, enter the negative of "extra full baths
first" value from Chart Block 3 in Summary line
2.
viii If iv > 1,
(1) copy "extra full baths - first" value from
Chart Block 3 here
(2) copy "extra full baths - second" value from
Chart Block 3 here
(3) write step iv - 3. here
(4) multiply (2) by (3)
(5) add (1) to (4) and enter result in
Summary line 2.
ix. If iv < -1,
(1) copy "extra full baths - first" value from
Chart Block 3 here
(2) copy "extra full baths - second" value from
Chart Block 3 here
(3) write step iv + 1 here -
2
(4) multiply (2) by (3) -
(5) add (1) to (4) - and enter result in
Summary line 2
b Compute number of over (under) half baths
i Copy assumed bath number from Block 4 for grade and
bedrooms
ii If fractional part of step i = 5, write "1" here,
otherwise write 0
iii Write "half baths" number from summary Block 1 _
iv Subtract iii from ii
If iv is >0, this is the number of half baths over base
If iv is <0, this is the number of half baths under base
v If iv = 0, go to step 5
vi If iv = 1, enter "extra half baths - first" value
from Chart Block 3 in Summary line 2.
vii If iv = -1, enter the negative of "extra half baths
- first" value from Chart Block 3 in Summary line
2
viii If iv > 1,
(1) copy "extra half baths - first" value from
Chart Block 3 here
(2) copy "extra half baths - second" value from
Chart Block 3 here
(3) write step iv - 1 here
(4) multiply (2) by (3)
(5) add (1) to (4) and enter result in
Summary line 2
ix If iv < -1,
(1) copy "extra half baths - first" value from
Chart Block 3 here
(2) copy "extra half baths - second" value from
Chart Block 3 here
3
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(3) write step iv + 1 here -_
(4) multiply (2) by (3) -
(5) add (1) to (4) - and enter result in
Summary line 2
5 Basement adjustments For each basement type for which
Summary Block 3 shows a non-zero value,
a Copy the value per SF for the line of Chart Block 11 that
includes the area of this basement type
b. Multiply step a by the area in Summary Block 3
Enter this value in Summary line 4, 5, 6 or 7, depending
on the type of basement
c Repeat for any other basement types present
6 Adjusted BHV Total Summary lines 1 through 7 and enter in
line 8
7 Porch/deck/greenhouse adjustments For each porch type for
which Summary Block 5 shows a non-zero value,
a Copy the value per SF for the line of Chart Block 12 that
includes the area of this porch type
b Compute adjusted area Enter SF from Summary Block 5
i If porch type is "screened" or "enclosed/
greenhouse, " step b is the adjusted area. Go to
step c
ii If porch type is "open" or "covered, " enter GLA
from Step 1 _
(1) Multiply step ii by 15
(2) Subtract step (1) from step b
(3) If step (2) < 0, enter 0 here, other enter
step (2) This is adjusted area
c Multiply adjusted area from step b or b ii (3) by step a
Enter in Summary line 9, 10, 11, or 12, depending
on the type of porch.
d Repeat for any other porch types present
4
e ,
8 BHV adjusted for porches Total Summary lines 8 through 12
and enter in Summary line 13
9 Heating and Insulation adjustments
a Heating system adjustment
i Find adjustment per SF in Chart Block 3 for heating
system listed in Summary Block 1
ii Multiply step i by GLA
b Insulation quality adjustment
i Find adjustment per SF in Chart Block 7 for
insulation quality listed in Summary Block 1
ii Multiply step i by GLA
c Total Heating and Insulation adjustments Add step a ii
to step b ii Enter in Summary line 14
10 Fireplace Adjustment, from fireplace number in Summary block
1 and adjustment in Chart block 6.
a If fireplace = 0, go to step 11
b Otherwise, enter in Summary line 15 the value from Chart
block 6 for the number of fireplaces.
11 Construction type adjustment
a Find adjustment per SF in Chart Block 9 for construction
type listed in Summary Block 1
b Multiply step i by GLA Enter in Summary line 16
12 . BHV adjusted for structural Total Summary lines 13 through
16 and enter in Summary line 17
13 Garage adjustments For each garage type for which Summary
Block 4 shows a non-zero value,
a Copy the value per SF for the column of Chart Block 8
that includes the area of this garage type
b Multiply step a by the area in Summary Block 4
Enter this value in Snmmary line 18, 19, 20, or 21,
depending on the type of garage
c Repeat for any other garage types present
5
14 BHV adjusted for garages Total Summary lines 17 through 21
and enter in Summary line 22
15 Swimming pool adjustment
a Copy the value per SF for the line of Chart Block 13 that
includes the area of pool
b Multiply step a by the area in Summary Block 5
Enter in Summary line 23
16 Tennis court adjustment.
a Copy the value per SF for the line of Chart Block 14 that
includes the area of the court
b. Multiply step a by the area in Summary Block 5
Enter in Summary line 24
17 Barn adjustment
a. Copy the value per SF for the line of Chart Block 10 that
includes the area of the barns
b Multiply step a by the area in Summary Block 5
Enter in Summary line 25
18 BHV adjusted for amenities Total Summary lines 22 through 25
and enter in Summary line 26.
19 Age/Condition adjustment Copy the value in Chart block 15
for the Condition listed in Summary block 1 Enter in Summary
line 27
20 BHV adjusted for Age/Condition Multiply Summary lines 26 and
27 Enter in Summary line 28
21 Land Adjustment
a Adjust land area for frontage, from Summary Block 2
i Copy land area, from Summary Block 2
ii Multiply frontage x frontage x 2 5
iii Subtract step ii from step i _
iv If step iii < 0, adjusted land = step 1. Go to
step b
v Otherwise, multiply step iii by 0 25
6
vi Add stepstepThis
ii to v is
adjusted land
area
b Subtract 15500 SF from adjusted land area
c Copy value per square foot for adjusted land area from
Chart block 16
d Subtract 15500 SF from adjusted land area
e Multiply step c by step d Enter in Summary line
29
22 BHV adjusted for land Add Summary lines 28 and 29 and enter
in line 30.
23 Neighborhood modifier. Enter in Summary line 30 the
neighborhood adjustment from Chart block 19 for neighborhood
(NBHD CODE) in upper left of Summary
24 Site modifier Add 1 to the site adjustment from Chart block
17 for site code in Summary block 2, and enter in Summary line
31
25 Traffic modifier Add 1 to the traffic adjustment from Chart
block 18 for the traffic code in Summary block 2, and enter in
Summary line 32
26 Other adjustments Add 1 to the Special Feature adjustment
from Summary Block 6, and enter in Summary line 33
27 Composite modifier Multiply together lines 31, 32, 33 , and
34 , and enter the product in line 35
28 Indicated value Multiply line 35 by line 30, round to the
nearest $1, 000, and enter in line 36
7
ASSESSORS' AD HOC REVALUATION ADVISORY COMMTIItE
Revised - May 28, 1993
Daniel F Busa - Selectman
Michael O'Sullivan
Neal Boyle
Leonard J. Colwell
Joseph Volante
Pauline Fennel
Clark Cowen
Paul Chernick
Sarah Robinson
Robert Foster
Robert Leone
Geza Szonyi
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RICHARD J. WHITE
Town Manager
May 25, 1993
Mr. Michael O'Sullivan
12 Aerial Street
Lexington, MA 0217
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kDear Mr. O'Sivan: 1
Thank you for your willingness and commitment to helping the Town of Lexington
improve the assessing product by volunteering to serve on the Assessors' Ad-Hoc
Revaluation Advisory Committee. The first meeting of the Committee will be on
Tuesday, June 1, 1993 at 4.30 P.M. in the Assessors Office in the Town Office Building.
On June 1, 1993, the committee will organize, review the charge, make sub-committee
assignments and begin to develop a work plan. This sub-committee will examine the
following issues:
1) Develop educational materials that would help citizens gain a better
understanding of the revaluation process.
2) Bench mark performance of the Town's valuations by comparing historical sales
assessment ratios with Lexington's comparable communities.
3) Survey other assessment departments to see how or if they account for noise and
proximity to a bikeway in establishing values?
The Sub-Committees will meet during the summer and after reporting to the full Board
of Assessors will present their finding to the Board of Selectmen sometime during
September. Again, thank you for your willingness and commitment to serve.
Sincerely,
Richard . White
Town Manager
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1625 MASSACHUSETTS AVENUE•LEXINGTON,MASSACHUSETTS 02173 `••$N010‘‘
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TELEPHONE (617)861-2776•FAX(617)861-2921