The tax rate for FY2021 has been approved by the Department of Revenue. The new rate is down .71 cents from last year. Last year the rate per thousand dollars of assessed value was $11.70 and this year it is $10.99.
The State requires that our assessments be within 10% of market value, yearly. The sales used for these assessments are from 2019 for single family homes and condos and 7/1/2018 to 6/30/2020 for all other classes of property. The State requires we have 2% of sales for each class of property and if not we have to use 2 years worth. Single family homes and condos are the only class we had 2%.
The average residential value went from $1,081,700 to $1,156,000 which means the average tax bill for a residential property is $12,704.44. That is up $48.55 from last year’s average residential tax bill. The median single family assessment is $826,200, up from $766,400 last year. The median single family tax bill will be $9,079.94. The total taxable value of the town increased by $181,759,328 to $2,690,745,966. The total value of the town including exempt property is $2,894,054,666.
We had an increase in “new growth” this year. Last year the new growth was $166,271 and this year it was $180,020 which is still down from previous years.
The assessment files will be transferred to the Treasurer/Collector and the tax bills will be issued by December 31, 2020. The new assessments are available on the counter terminal in the Assessors Office and on the town website through the “FY2021 Assessment” link, on the Assessor’s page of the website.
If you have any questions about your assessment after receiving your bill you may call our office at 978-526-2010. The deadline for filing abatement applications, after the bills are issued, will be February 1, 2021 and that will be stated on the tax bill. Any questions about payments should be made to the Treasurer/Collector’s office at 978-526-2030. Happy Thanksgiving, Merry Christmas, Happy Holidays and Happy New Year!!