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<A NAME="top">

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:7.5pt;margin-bottom:.0001pt'><b><span style='font-size:14.0pt;
mso-bidi-font-size:11.0pt;font-family:Arial;color:red'>REAL ESTATE &amp;
PERSONAL PROPERTY TAX<br>
<u><br>
</u></span></b><b><span style='mso-bidi-font-size:11.0pt;font-family:Arial'><a
href="#Real">REAL AND PERSONAL PROPERTY</a><br>
<a href="#Revaluation">REVALUATION</a><br>
<a href="#Fair">FAIR CASH VALUE</a></span></b><b><span style='font-size:14.0pt;
mso-bidi-font-size:11.0pt;font-family:Arial;color:red'><br>
</span></b><span style='font-size:14.0pt;mso-bidi-font-size:11.0pt;font-family:
Arial;color:red'><br>
</span><a name=Real><b><span style='mso-bidi-font-size:11.0pt;font-family:Arial'>REAL
AND PERSONAL PROPERTY</span></b></a><span style='mso-bookmark:Real'></span><span
style='font-size:14.0pt;mso-bidi-font-size:12.0pt;color:red'><o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:7.5pt;margin-right:7.5pt;margin-bottom:
0in;margin-left:7.5pt;margin-bottom:.0001pt'><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'>There is a physical distinction to be
made to determine whether property is <b>Real</b> or <b>Personal</b>. <o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:7.5pt;margin-right:7.5pt;margin-bottom:
0in;margin-left:7.5pt;margin-bottom:.0001pt'><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'><br>
<b>Real Estate</b> is the physical land and appurtenances including structures
affixed thereto in addition to the interests, benefits and rights inherent in
the ownership of physical real property known as the bundle of rights.<o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:7.5pt;margin-right:7.5pt;margin-bottom:
0in;margin-left:7.5pt;margin-bottom:.0001pt'><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'><br>
<b>Personal Property </b>is generally those items not permanently affixed to
real estate. Personal property is movable and can be removed without serious
damage either to the real estate or to the item being removed. The three
categories of taxable personal properties are:<o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:7.5pt;margin-right:7.5pt;margin-bottom:
0in;margin-left:7.5pt;margin-bottom:.0001pt'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:33.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l1 level1 lfo2;
tab-stops:list 33.0pt'><![if !supportLists]><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'>1.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span><![endif]><span style='mso-bidi-font-size:11.0pt;font-family:
Arial;color:black'>Business and professional furnishings.<o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:15.0pt;margin-bottom:.0001pt'><span style='mso-bidi-font-size:11.0pt;
font-family:Arial;color:black'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
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tab-stops:list 33.0pt'><![if !supportLists]><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'>2.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span><![endif]><span style='mso-bidi-font-size:11.0pt;font-family:
Arial;color:black'>Household furnishings, in property <b>other than the
principal residence (second homes)</b>.<o:p></o:p></span></p>

<p class=MsoNormal style='margin-right:7.5pt'><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:33.0pt;margin-bottom:.0001pt;text-indent:-.25in;mso-list:l1 level1 lfo2;
tab-stops:list 33.0pt'><![if !supportLists]><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'>3.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</span></span><![endif]><span style='mso-bidi-font-size:11.0pt;font-family:
Arial;color:black'>Personal property of public utilities.<o:p></o:p></span></p>

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<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:7.5pt;margin-bottom:.0001pt'><span style='mso-bidi-font-size:11.0pt;
font-family:Arial;color:black'><br>
<a name=Revaluation><b>REVALUATION</b></a><b><o:p></o:p></b></span></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:7.5pt;margin-bottom:.0001pt'><b><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'><br>
</span></b><span style='mso-bidi-font-size:11.0pt;font-family:Arial;color:black'>Assessors
in every city and town are responsible for developing a Revaluation program to
completely analyze and revalue all property within its borders every year.
Revaluation annually, is required under Massachusetts law and is regulated by
the Massachusetts Department of Revenue's Bureau of Local Assessment. The
rationale for revaluation is to always maintain property at fair market or fair
cash value to ensure equity for all classes of property.<br>
<br>

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<a name=Fair><b>FAIR CASH VALUE</b></a><b><o:p></o:p></b></span></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:7.5pt;margin-bottom:.0001pt'><b><span style='mso-bidi-font-size:
11.0pt;font-family:Arial;color:black'><br>
</span></b><span style='mso-bidi-font-size:11.0pt;font-family:Arial;color:black'>The
Assessors are required to assess all property at its &quot;full and fair cash
value,&quot; a term which could also be described as &quot;market value&quot;
or &quot;fair market value&quot;. Massachusetts General Laws define full and
fair cash value as the price an owner willing, but not under compulsion, to
sell, ought to receive from a buyer willing but not under compulsion to buy.<o:p></o:p></span></p>

<p class=MsoNormal style='margin-top:0in;margin-right:7.5pt;margin-bottom:0in;
margin-left:7.5pt;margin-bottom:.0001pt'><span style='mso-bidi-font-size:11.0pt;
font-family:Arial;color:black'><br>
The definition of market value as noted by the International Association of
Assessing Officers (IAAO) is as follows: &quot;Market value is the most
probable price expressed in terms of money that a property would bring if
exposed for sale in the open market in an arm's length transaction between a
willing seller and a willing buyer both of whom are knowledgeable concerning
all the uses to which the property is adapted and for which it is capable of
being used. &nbsp;&quot; An &quot;arm's length transaction&quot; would be a
sale between two unrelated parties both seeking to maximize their position from
the transaction. &nbsp;<br>
<br>
To determine fair market value, actual sales are used. &nbsp;The (minimum
amount of) sales considered are those, which occurred in the 12 months prior to
the new January 1 assessment date and up to six months after the January 1
date, trended back to January 1. Only arms length sales are considered bearing
in mind that all buyers and sellers are not &quot;knowledgeable&quot; and that
the market is imperfect in that regard. For this reason, one individual sale is
not used to determine &quot;market value.&quot; In reviewing and researching at
least 18 months of sales, the Assessor is able to estimate the approximate
price a willing buyer might pay for a property on January 1.</span></p>

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