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Got a question? Try Ask the MMA What is the 'EQV' used for?
Q: What is the “EQV” used for?
A: EQVs, or equalized valuations, are used in a number of local aid calculations, according to the Division of Local Services, including Lottery distributions, Chapter 70 school aid, School Building Assistance reimbursements, aid to public libraries, and the annual education reform overburden aid percentages. Cherry Sheet charges that use the EQV are: county tax, Boston Metropolitan Transit District, mosquito control projects, and air pollution control districts. The EQV is also used in calculating a community’s debt limits. On May 30, the Bureau of Local Accounts mails to cities and towns proposed EQVs that estimate the full and fair cash value of all taxable property in each municipality as of the previous January. The DLS holds hearings in June to allow local boards of assessors to present documentation supporting different values or to express concerns. Subsequently, assessors can appeal to the Appellate Tax Board if they are dissatisfied with their EQV. Once the 2000 EQVs were finalized, they were adopted by the Legislature and used as a basis of comparison in calculating the allocation of certain local aid for fiscal 2002 and 2003. For fiscal 2001, the 1998 EQVs will be used.
Got a question? Try Ask the MMA What is the 'EQV' used for?
What is the 'EQV' used for?
Q: What is the “EQV” used for?
A: EQVs, or equalized valuations, are used in a number of local aid calculations, according to the Division of Local Services, including Lottery distributions, Chapter 70 school aid, School Building Assistance reimbursements, aid to public libraries, and the annual education reform overburden aid percentages. Cherry Sheet charges that use the EQV are: county tax, Boston Metropolitan Transit District, mosquito control projects, and air pollution control districts. The EQV is also used in calculating a community’s debt limits. On May 30, the Bureau of Local Accounts mails to cities and towns proposed EQVs that estimate the full and fair cash value of all taxable property in each municipality as of the previous January. The DLS holds hearings in June to allow local boards of assessors to present documentation supporting different values or to express concerns. Subsequently, assessors can appeal to the Appellate Tax Board if they are dissatisfied with their EQV. Once the 2000 EQVs were finalized, they were adopted by the Legislature and used as a basis of comparison in calculating the allocation of certain local aid for fiscal 2002 and 2003. For fiscal 2001, the 1998 EQVs will be used.
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