Property Valuations Projected to Surge 240% Under Norwood Revaluation Program-October 2, 1981

Property valuations across town will jump roughly two-and-a-half times their current assessments under Norwood’s ongoing revaluation program, Board of Assessors Chairman James J. Drummey warned last night.

Revaluation Projections and Tax Impacts

Addressing a special town meeting at the high school, Drummey predicted that overall assessments will rise about 2.4 times. Under the projections, a home currently assessed at $30,000 will see its valuation jump to $72,000 once the process is complete.

While the property tax rate will likely drop from last year’s $46 rate down by approximately $21, Drummey cautioned that the steep boost in property assessments will more than wipe out any potential tax savings for local homeowners, translating to substantial increases in actual tax bills this year.

Selectmen Chairman John F. Kinnaly indicated agreement with Drummey’s prediction of rising tax bills, despite having previously criticized the assessor chairman for making public estimates before final documentation was complete. Drummey maintained that he would be able to substantiate the figures once revaluation to 100 percent of fair market value is fully wrapped up later this month or in mid-November. Residents will receive formal notices of their new assessments and will have the opportunity to request hearings if they disagree with the valuations.

Town Meeting Approves Estimated Tax Bills

Drummey delivered his assessment projections while urging town meeting to petition the state Legislature for authorization to issue estimated tax bills. The assembly approved the petition on a 120-3 standing vote.

Because final tax rates cannot be set until both the rate and the revaluation program receive formal approval from the state Department of Revenue—pushing regular tax bill mailings out to February—issuing estimated bills based on last year’s rates will prevent a severe municipal cash-flow crisis. Without the estimated bills, the town would have been forced to borrow money. Consequently, town meeting rejected a separate proposal to temporarily transfer funds from special accounts into general cash to ease the cash-flow crunch.

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