Each year the Bedford Board of Assessors reviews the sales prices for qualified sales and compares them to the property assessments. If needed, we adjust our valuation models to bring the values in line with sales prices, in accordance with the requirements of the Department of Revenue. Generally, we rely upon the sales which occur during the calendar year that is two years before the Fiscal Year. For instance, we analyzed sales from calendar year 2022 when preparing the current Fiscal Year 2024 assessments.
When a particular class of property has less than 20 sales in the calendar year, we draw upon two calendar years of sales. For Fiscal Year 2024, we used only calendar year 2022 sales when setting single family and condominium assessments. For all other classes of properties (such as two or three family homes and commercial properties) we drew on sales from July 1, 2021 through June 30, 2023.
When looking for sales that support our assessments, please refer to the most recent set of sales that support Fiscal Year 2024 assessments. Sales that support Fiscal Year 2023 assessments are not relevant to 2024 assessments, especially in a market of increasing prices.