The Waterford Assessors Office, based in Town Hall, is charged with gathering and valuing all real estate, motor vehicle and business personal property in town for the purpose of creating a tax base. Assessments are based on a variety of factors conforming to a laundry list of state and federal regulations. Exemptions and reductions are possible on assessments for a variety of reasons, such as for disabled veterans, elderly residents or manufacturing equipment, among others. All town assessments are online at http://www.prophecyone.us/index_prophecy.php?town=Waterford. The department is operated by the town assessor and an assistant assessor, with assessments being done once every five years. Assessments can be challenged by appointment through the Waterford Board of Assessment Appeals, a group of three elected townspeople.