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Marlborough residential taxes see small increase

By Joan F. Simoneau, Community Reporter

Marlborough – Following a public hearing during its Dec. 18 meeting, the City Council approved a measure to raise taxes for residential properties and decrease taxes on commercial and industrial properties.

Each year, prior to the mailing of third-quarter tax billings, the City Council holds a public hearing to determine the percentage of the city's property tax levy to be borne by each major property class. Marlborough has a dual tax rate – one for residential and one for commercial/industrial.

The new rates had been recommended to the council by Mayor Arthur Vigeant and the Board of Assessors.

Residential rates will increase from the fiscal year (FY) 2012 rate of $14.80, to $15 for FY 2013, an increase of 20 cents. The new rates will increase an average single-family tax bill by $65, to $4,541.

Large apartment buildings will experience the largest increase, officials said. A typical $1.8 million complex, which has increased in value by $90,000, will be taxed approximately $27,428, an increase of approximately $1,652.

The commercial/industrial properties” rate decreased by 58 cents from the FY 2012 rate of $29.04; the new rate will be $28.46.

All rates are based on per thousand of the property's assessed value.

In a presentation to the council, the Board of Assessors, led by Chair Anthony Arruda, said tax rates are stable because the value of single-family homes is virtually unchanged, condominiums have dropped a bit, and most multi-family property assessments have increased, reflecting a strong rental market.

As a guide only, assessors said the projected value of a hypothetical single-family home would be about $302,700; a minor increase over the FY 2012 value of $302,400.

Business and industrial properties are about a third of the total value of the city, but pay just under half of the amount needed to run it. Reflecting the national economy, the total assessed value of all taxable property is about $4.4 billion, a drop for the third year in a row.

 

Short URL: http://communityadvocate.com/?p=29684

Posted by on Dec 20 2012. Filed under Byline Stories, Marlborough, This Just In. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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