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Assessors review 115% assessment jump for 588 Hillside Ave; owner cites tenant hardship and disputes valuation inputs
Summary
At the May 22 Board of Assessors meeting, representatives questioned a 2025 assessment increase for 588 Hillside Ave, raised issues about lease type (gross vs. triple net), cap rates, and comparables, and asked the board to reexamine assessor assumptions. The board took the submission under advisement.
The Town of Needham Board of Assessors on May 22 reviewed 588 Hillside Ave after the property’s assessed value rose sharply between 2024 and 2025. Owner representatives and an appraiser questioned the assessor’s model inputs, lease assumptions and cap‑rate choices.
The property matters to the town tax base and to a community tenant: the building houses a woodworking/community‑use tenant that representatives said the owner seeks to retain, and the owner argues the sudden assessed increase threatens that tenancy.
Danielle Gesto and Paul Ingram presented the owner’s materials. Ingram described the building as a warehouse/industrial style space with “about 6,008 square feet” total building area and said Unit 2 is the…
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