When the people vote for additional spending at town meetings, or on the ballot with a Proposition 2 ½ override, an increase in taxes can occur. If you were to make improvements to your existing property, for instance: add a garage, add an additional room, the "full and fair cash value" and therefore, the assessed value would also increase.
The assessed value represents the estimate of the market value of the property. When the market value increases, the Assessors seek to adjust the assessed values accordingly. The real estate market changes constantly. The assessment for Fiscal Year 2021 represents the estimate of market value as of January 1, 2020. This estimate of market value is determined by examining sales of properties for the calendar year 2019. Although there may not have been any physical changes to the property, buyers may be paying more or less for properties than they were in previous years. The assessment changes reflect the changes in the purchase prices of similar homes in the neighborhood or neighborhood which is comparable. Buyers and sellers determine the market value of properties