FISCAL YEAR 2020
Understanding Your Tax Bill and Valuation
The town operates on a fiscal year that runs from July 1st to June 30th. The total tax liability is billed in 4 quarterly payments as follows:
Quarter Type of Tax Bill Period Covered Tax Payment Due
Q1 Preliminary July – September August 1st
Q2 Preliminary October – December November 1st
Q3 Actual January – March February 1st
Q4 Actual April – June May 1st
Every year, as required by the Department of Revenue (DOR), all property in Marblehead is assessed. The fair market value is based on market sales of properties sold in town. All assessments are valued as of January 1st. To determine the timeframe or calendar year for the basis of valuations, you need to work backwards:
Fiscal Year 2020 began on July 1, 2019.
Date of Valuation is January 1, 2019.
Preceding calendar year (2018) is used primarily for basis of determining values. The DOR provides latitude to extend that period +/- 6 months, so sales beginning July 2017 through June 2019 could be used.
Preliminary bills are calculated based on what you paid in the prior fiscal year and actual bills are based on current fiscal year valuations. Here are the steps used in calculating your bills this year:
Take the prior Fiscal Year (2019) total tax paid and divide by 4.
This is the amount of you will be billed for Preliminary bills for Q1 & Q2.
After the town has been valued and the tax rate set, your total tax liability for Fiscal Year 2020 is determined.
Subtract payments made in Q1 & Q2 above from the Fiscal Year 2020 total tax due.
The balance due is divided in 2 and that is the amount billed in Q3 & Q4.
To see an example and calculate your tax bill, please click here.