Middlesex County Board of Taxation
Chapter 123
After a revaluation, all assessments in the municipality must be 100% of true market
value as of October 1
st
of the previous year. The State Division of Taxation determines
an equalization ratio for any municipality that has a deviation from 100% of true market
value, known as Chapter 123.
Chapter 123 has a +/- 15% of the equalization ratio. For the following example we will
use 26.64 as the equalization ratio, 30.64 as the upper limit ratio and 22.64 as the lower
limit ratio. Example:
Home assessed at 100,000
Upper Limit (Lowest Market Value) 100,000 / .3064 = 326,371
Average (Average Market Value) 100,000 / .2664 = 375,375
Lower Limit (Highest Market Value) 100,000 / .2264 = 441,696
The basis for filing an appeal is because you as the homeowner feel your home is over
assessed. In order to calculate your market value we have each town individually listed,
where you just need to click on your municipality, put in your assessed value and it will
be automatically calculated. This will help you to better understand that if your
comparable sales show homes in the area have sold for less than the lowest market value,
you then have the option to file an appeal.
Comparable Sales:
Must be within the Pre-Tax Year 10/1/2018-9/30/2019
Scroll down to find your municipality for market value
COMMON LEVEL
RANGE
CHAPTER 123 RATIOS
The Upper & Lower Limits reflect a 15% ra
nge that the assessor needs to be within
Insert
Assessment
Total:
(include land &
improvement)
Upper Limit
2020 Ratio Lower Limit
Market Value
Is the value the assessor has placed on your home (this includes both land & building).
Upper & Lower Limits
Reflect a 15% range that the assessor needs to be within.
Comparables
Are needed to show cause as to why you feel your home is over assessed.
Must have 3 sales of comparable homes
Do not use non-usable sales
(Average Market Value))
Find comps that fall below this value
List your comps below to see where they fall in the range.
Comp 1 _____________________________________
Comp 2 _____________________________________
Comp 3 _____________________________________
Comp 4 _____________________________________
Comp 5 _____________________________________
0.00%
0.00%
0.00%
0.00
0.00
0
(Select Town)
0.00