A recent analysis by Zappeal found that 42% of residential properties in Cambridge are over-assessed relative to comparable properties in their neighborhood. According to the study that used extensive data on property tax records, including data on assessments and tax bills, average property tax savings are estimated to be $890 if they were to submit an abatement application by the November 25 deadline.
The map below shows the distribution of properties with a high likelihood of receiving a assessment reduction as well as the magnitude of potential tax savings. The heat map shows how much different neighborhoods can save; the darker data points indicate higher potential savings for homeowners.
Cambridge abatement applications allow homeowners to reduce their assessment values if (a) there are comparable properties with lower assessment values (disproportionate assessment) or (b) there are comparable market transactions with lower sale values (overvaluation). Zappeal’s analysis shows that most of the over-assessed properties qualify for (a) disproportionate assessment. In other words, while a property’s assessment might be in line with market values, it is disproportionately high compared to the assessment value of a similar property.
For homeowners whose property assessments are off, higher valuation means extra tax burden they would have to pay for years. Homeowners can learn how much they can save by simply entering their property address on www.zappeal.io (see example screenshot below).
Don’t forget! The deadline for submitting an abatement application is November 25th. Visit Zappeal to learn your chance of lowering your taxes and receive your pre-filled abatement forms and supporting materials.