Eddie Brissett, The Brissett Group LLC and First Place Realty Group LLC, Pena Realty Corp.Phone: (617) 816-1426
Email: [email protected]
Email: [email protected]
Latin for "according to value," the term "ad valorem" is common in tax conversations. An ad valorem tax is flexible and dependent on the value of the specific asset, product or service. If you're a property owner, you're paying an ad valorem tax on your property taxes. To better understand how this term is used, here is a short guide to how ad valorem tax is calculated:
Fair market value - Fair market value is usually determined by a real estate agent after a careful examination of the property and local market. Fair market value is based on factors like size, location, features and condition of the home. It can also be affected by the values of similar properties in your neighborhood.
Appraisal value - Appraisal value is found through a professional home appraisal. Appraisers conduct a thorough inspection of your home to make sure it meets specific standards. Things like condition, age and visual appearance all factor into an appraisal value.
Assessed value - Assessed value is calculated by taking the fair market and appraisal values and applying the local tax assessment rate. Assessment rates are different depending on the municipality and can also change.
These different values combine to help you find the ad valorem tax value of a property. In turn, this value affects how much you owe in annual property taxes. Regardless of whether you want to buy, sell or refinance a home, knowing this term can help you better navigate the world of home finances.
Familiarize yourself with the differences between fair market value, appraisal value and assessed value to gain a better understanding of how your property taxes are calculated.
Eddie Brissett is a native of Newburyport, Massachusetts where he attended Newburyport High School. He graduated from Fitchburg State College (FSC) with both a B.S. in Business Administration and an MBA in the late 1990s. He also played basketball at FSC.
In 2004, his real estate dream began when he purchased his first property- a condo. Working primarily in financial services for nearly 15 years, he transitioned into real estate full-time in 2013. He was the Condo Board Chairman (2005-2018) of the Rich Street Condo Association. He credits his parents and mainly his mom as among the biggest influences in his life. As a licensed real estate agent in several states, he serves buyers, sellers, renters, and landlords throughout the commonwealth of Massachusetts, Rhode Island and Florida.
"From an early age, I learned the value of hard work and standing by your word from my parents. These traits along with teamwork were reinforced from some tough sports coaches that I played for."
He enjoys spending his free time with family, friends, hiking, watching Boston sports teams, and is an accomplished billiards player.
