Norwood Real Estate Reassessment Set to Bring Property Taxes to 100% Market Value, While 1981 Tax Rate Expected to Drop-September 16, 1980

Property owners in Norwood will see tax bills calculated on a 100 percent assessment of fair market value by next year, following a sweeping revaluation project approved by town officials.

100 Percent Fair Market Value Reassessment

Assessor Chairman James Drummey estimated that under the new system, roughly one-third of property owners will see higher tax bills, one-third will experience a reduction, and one-third will remain unchanged. While property is currently assessed at approximately 72 percent of fair market value—with a complete reassessment having last been conducted in 1972—the town is finalizing a contract this week with PRC Jacobs of McLean, Virginia, to execute the full town-wide revaluation.

The $235,000 project will begin in about six weeks and take a year to complete, covering approximately 8,000 parcels, including several hundred tax-exempt properties. Town books currently reflect total assessed real estate valuations of nearly $322 million.

• Inspection Process: Residents will receive advance notice before Jacobs representatives visit their neighborhoods. Inspectors will spend only a few minutes inside homes, focusing on key structural details such as the number of bedrooms, bathrooms, finished basements, and attics.
• Funding Adjustments: Town Meeting previously appropriated $200,000, supplemented by a $19,000 allocation from the Finance Commission. A special town meeting will be requested to approve an additional $16,000 to fully cover the project costs.
• Future Reclassification: Once 100 percent valuation is achieved, real estate will be reclassified so that residential properties are taxed at a lower rate compared to commercial and business properties. While the overall tax rate will drop because the town’s total valuation will increase, officials noted that the town’s rising budget requirements remain the primary driver of tax fluctuations.

Fiscal 1981 Tax Rate Anticipated to Drop by $2

In immediate tax news, the official fiscal 1981 tax rate is slated for announcement this week pending state approval. Unconfirmed reports indicate that the long-standing $48 tax levy may decrease by $2.

The tax rate previously rose by $5 in 1978 and remained at $48 for two consecutive fiscal years, with officials initially predicting it would hold steady at $48 following the annual town meeting’s adoption of a $37.3 million budget in June. Assessor Chairman Drummey declined to comment on the reported drop prior to formal state approval.

Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger