DLS: Final 2014 Equalized Valuations

Final 2014 Equalized Valuations

On January 29th, 2015 the Bureau of Local Assessment issued the final 2014 Equalized Valuations (EQVs), representing the full and fair cash value of all taxable property for each municipality as of January 1st, 2014.

These EQVs will be used as a basis of comparison among the 351 municipalities within the Commonwealth for certain state and local purposes beginning in fiscal year 2016. Specifically, EQV is used in the allocation of local aid such as Chapter 70 education aid, the reimbursement of school construction projects, and aid to libraries. Certain Cherry Sheet charges also use EQV: County Tax, Boston Metropolitan Transit District, Mosquito Control Projects and Air Pollution Control Districts. In addition, EQV is used in calculating a community's debt limit (MGL ch.44, sect.10).

EQVs are available on the DLS website here.

DLS Estimates

FY2014 Local Aid Proposals based on House Ways & Means Committee Budget

The FY2014 local aid estimates based on the House Ways & Means Committee (HWM) budget proposal have been posted to the Division of Local Services? website at the link below:

http://www.mass.gov/dor/local-officials/municipal-data-and-financial-management/cherry-sheets/

The HWM budget proposal recommends funding FY2014 Chapter 70 at $4.28 billion or $109.6 million higher than the FY2013 appropriation. This level of Chapter 70 funding ensures that all districts maintain foundation spending levels and provides a minimum funding increase of $25 per pupil. The HWM?s budget also recommends increasing Unrestricted General Government Aid by $21.25 million over FY13 levels. Most other cherry sheet accounts are level funded compared to FY13 appropriations, except for a $4.1 million increase for Veterans? Benefits and a small decrease to the funding for Charter School Reimbursements.

Please be aware that these estimates are subject to change as the state budget process progresses. In particular, final Charter School and School Choice assessments may change significantly when updated with final tuition rates.

To review additional information about how the estimates were determined and what may cause them to change in the future, click on the link at the bottom for an index of the FY2014 programs and links to individual explanations.

If you have questions about these estimates please call Lisa Juszkiewicz at (617) 626-2386.