Politics & Government

Somerville Sees Decrease in Property Tax Rate

The property tax rate in Somerville will be the lowest since fiscal-year 2010, but rising property values will also play a factor in people's tax bills.

Somerville is lowering it's property tax rate for the current fiscal year, and some residential property owners, such as condo owners, could see slightly lower tax bills, according to an announcement and presentation from the city.

The city is expected to set the fiscal-year 2014 residential tax rate at $12.66 per thousand dollars of value. That's the lowest residential tax rate since fiscal-year 2010, according to a presentation to the Somerville Board of Aldermen.

The residential tax rate in fiscal-year 2013 was $13.42 per thousand dollars.

Here's a look at the average quarterly tax bills for properties in Somerville, comparing fiscal-year 2013 to fiscal-year 2014:

Condos
Fiscal-year 2013: $615
Fiscal-year 2014: $593

Single-family homes
Fiscal-year 2013: $929
Fiscal-year 2014: $1,002

Two-family homes
Fiscal-year 2013: $1,189
Fiscal-year 2014: $1,199

Three-family homes
Fiscal-year 2013: $1,403
Fiscal-year 2014: $1,416

Four- to eight-family buildings
Fiscal-year 2013: $1,979
Fiscal-year 2014: $1,969

Despite the lower tax rate, some property owners will see slightly higher bills because property values are rising, but the lower tax rate means those bills won't be too much higher.

The average value of a single-family home in fiscal-year 2014 is $467,300, compared to $417,500 in fiscal-year 2013, according to the presentation.

The average value of single-family homes is officially higher in fiscal-year 2014 than during the real estate market's peak in fiscal-year 2007, and other property types are also close to their market-peak values, according to the presentation.

The city's announcement said it was able to lower the tax rate "due to an unprecedented $3.5 million in new growth last year."

It said growth in Assembly Square and Maxwell's Green, along with renovations to a public storage facility in Assembly Square, the Stop & Shop in West Somerville and some buildings on Inner Belt Road have brought in more tax revenue. 

This shifts some of the tax burden onto commercial property instead of residential property, the announcement said.


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