Assessments for office, retail, apartment and industrial properties are typically derived using the income and cost approaches to value. Under the income approach, fair cash value is derived from the property's ability to generate income. The assessors examine the rents generated by office, apartment, retail and other commercial buildings, subtract operating expenses to achieve a net income, then divide net income by an appropriate capitalization rate, in order to derive a market value for each parcel of commercial property. The cost approach is mainly employed in determining the value of special purpose properties. Based on extensive research of Shrewbury's real estate market each year, values are adjusted to reflect any changes that have occurred in the market.
Assessed values vary from neighborhood to neighborhood and from property type to property type.
If you have a question on the assessment of your property, contact the Assessors Office during office hours. We will do our best to answer your questions and explain the process to you. This is done through an extensive statistical analysis and audit of the procedures used by the local Assessors Office. . Sales that have occurred during calendar year 2000 will be used for our analysis. Tools employed by a plumber, carpenter, auto mechanic and other trade professionals are exempt from personal property tax.