How is personal property valued in Massachusetts?
Like real estate, all personal property must be assessed at fair cash value. Generally, personal property is valued using the cost method. The particular method will vary, depending on the specific property. In some cases, such as highly regulated utilities, net book will be used, which is original cost less depreciation. In other cases a reproduction or replacement cost new less depreciation method is used. Ordinarily the market and income approaches do not lend themselves to personal property valuation. However, if a specific property or type of property has a demonstrated resale value in the market or a specific earning capacity as leased property that can be distinguished from business earnings, a market or income approach may also be used. In most cases the local board of assessors in the town where the personal property is situated is responsible for valuing and assessing the personal property. However, in the case of telephone and telegraph companies and pipeline companies, the
