A significant portion of the meeting was dedicated to analyzing the assessment values in Lakeville and their relationship with real estate sale prices from the past ten years. The board observed a notable trend between 2015 and 2020, where assessed values were higher than actual sale prices. This situation has since shifted, bringing current assessed values in closer alignment with sale prices, with a ratio nearing 1.0 as of last year.

To refine this analysis further, the board introduced a time adjustment factor, essential for estimating current property values based on past sales data. This factor allows for projecting what properties would sell for today by applying derived values from earlier sales. A specific focus was placed on waterfront properties, which have historically had limited sales data available for accurate valuation. Utilizing data from the past decade, the board aims to provide a more precise assessment of these properties.

The reliability of time adjustment factors was also scrutinized, leading to the adoption of a sales resales analysis. This analysis lists properties sold twice within the ten-year span, revealing a significant volume of sales in Lakeville. The board noted the importance of understanding the time frames between sales, as properties sold closer in time generally exhibit smaller price differentials compared to those sold years apart.

Another important topic was the assessment to sale ratios for 2024. The board noted that the current assessment level stands at 88%, against a target of 95%. It was emphasized that increasing values does not directly equate to higher tax dollars collected, as the town’s overall budget remains a critical factor. If property values are uniformly adjusted upwards, taxes should remain proportional unless influenced by budget changes or tax rate alterations.

The analysis of property value adjustments was not limited to residential properties. The board discussed adjustments for waterfront properties and cottages, citing observed market changes. It was suggested that waterfront property rates should increase by approximately 12%. Each property would be assessed individually, considering factors such as neighborhood and quality, rather than applying a flat rate.

The conversation also addressed cottage sales, where only two sales were noted, yet they achieved 81% of assessed values. While an increase in the cottage rate was deemed necessary, it was suggested that it should not match the proposed 12% for waterfront properties due to the limited sales data.

Commercial properties were also briefly discussed, noting the challenge of deriving insights from limited sales over the decade. Despite this, there appeared to be a modest increase in commercial values. The necessity of achieving a 95% assessment level in compliance with state mandates was reiterated, emphasizing that such adjustments are required for regulatory compliance.

In addition to property assessments, the board addressed administrative matters, including the processing of chapter applications. With a December 1st deadline looming, the possibility of granting extensions was considered. The board also discussed the situation with the Eagles Club, clarifying their nonprofit status and filing requirements. A suggestion was made to directly contact the club to resolve any confusion and assist them in meeting their obligations.

Finally, the board touched upon inquiries regarding tax rates and their impact on capital projects. A need for more information was recognized to accurately assess the implications of these projects. The meeting concluded with a motion to adjourn, supported unanimously.