Beginning January 1rst, the Board of Assessors will determine the fair market value each year using a process called mass appraisal, which is the valuation of many properties as of a given date using standard procedures and statistical testing. Property sales in a given period are analyzed by grouping property characteristics that are important in determining market value, developing reasonable value adjustments for the property characteristics, statistically testing a model then applying the resulting estimates of value to all properties. For example, you may own a residential call parcel. This type of land within the residential class would be assessed using mass appraisal techniques by analyzing sales of this type to develop value estimates. When there are few sales of a particular type of property, sales from other communities are examined. Assessment quality standards established by the Massachusetts Department of Revenue must be met annually in order to set the tax rate.