Properties are appraised so those who want the advantages of having schools, fire and police protection and other public services can pay their fair share of the cost, in proportion to the dollar value of individual properties. The Board of Assessors does not depend upon the media or survey polls, which might, for example, state that real estate values have increased by 10 percent in New England. Real estate is a local market. What might be happening in a neighboring town may not have any bearing on the Walpole real estate market. The assessors do not create value.
People make the value by their transactions in the marketplace.
The assessors simply have the responsibility to interpret the transactions and appraise your property accordingly. The method compares your property to others that have been recently sold. These sale prices are analyzed to get the true picture. Only arms-length sales are used, i.e., what a willing buyer will pay a willing seller. One property may have sold for more than it was worth because the buyer was in a hurry and would pay any price.