Under the new changes, how will my Ch. 61 land now be assessed?
State tax laws in Massachusetts require that land be taxed at its full and fair market value. Most often this value is derived from residential development. Currently, land which is certified under Chapter 61 is assessed at 5% of the fair market value or at $10 per acre, whichever is greater. However, as property values continue to rise, especially in eastern and central Massachusetts, 5% of the fair market value is still a lot of money and can place tremendous pressure on landowners to sell their land for development.
