Lakeville assessors adopt plan to raise assessment level toward 95% after 10‑year market study

The Town of Lakeville Board of Assessors voted unanimously Oct. 23 to instruct the interim assessor to target a 95% assessment level after reviewing a 10‑year ASR (assessment‑to‑sale ratio) study presented by the interim assessor from RRG.

The ASR study uses time‑adjustment factors applied to nearly 1,100 single‑family sales across a 10‑year period to increase the effective sample size available for valuation decisions. Board members were told the town’s assessment level calculated from 2024 sales is about 0.88 (88%), below the board’s historical target of roughly 0.95 (95%). The board asked staff to raise assessed values to move the town closer to that target.

The study, presented by the interim assessor from RRG, described the methodology: plotting median assessment‑to‑sale ratios by quarter over 10 years, deriving a trend line, and producing time‑adjustment factors that convert earlier sale prices into present‑day equivalents. The presenter said that applying those factors to resale pairs (properties that sold more than once during the 10‑year window) yielded an average variation of about 6%…