The Somerville Board of Aldermen approved a number of tax measures at a meeting held Nov. 22.
The residential tax rate in Somerville for fiscal year 2012 will be $13.10 per $1000 of assessed value.
If your home is valued at $450,000, for instance, your tax bill for the year will be $5895 before a residential exemption.
The residential exemption, for those who live in the Somerville residence they own, subtracts from that tax bill. Owner-occupiers who qualify for a residential exemption will save $1801 on their bill in fiscal year 2012. In the example above, that brings the annual tax bill down to $4094, or $1023 per quarter.
Average tax bills
The average assessed value of a condo in fiscal year 2012 will be $320,500, with an average quarterly tax bill, after the residential exemption, of $599.
The average value of a single-family home will be $402,000, with a quarterly tax bill of $866.
The average value of a two-family home will be $484,800, with a quarterly tax bill of $1137.
Assessed values of one-, two- and three-family homes stay the same
"Most folks who own a one-, two- or three-family property will not see a valuation change [in 2012]. They should see the same value they did for the last year," said Marc Levye, chief assessor in Somerville, at the Nov. 22 Board of Aldermen meeting.
Across Somerville, the average assessed value of a single-family home will increase from $399,7000 to $402,000—a 0.58 percent increase.
The average assessed value of a two-family home will increase from $483,300 to $484,800 (0.31 percent), and the average assessed value of a three family home will increase from $546,000 to $547,500 (0.20 percent).
Condo numbers increase, and condos see increase in assessed value
The city is expected to see the addition of 121 new condo units to the city's tax rolls in fiscal year 2012.
At the same time, the city will add 3 single-family homes and will see the number of two-family homes drop by 32.
While the number of condos in the city is increasing, the rate of increase is getting smaller. Fiscal year 2007 saw the addition of 609 new condos to city tax rolls; 2008 saw 500 new condos; 2009 saw 286; 2010 saw 275, and 2011 saw 210.
Meanwhile, as assessed values of one-, two- and three-family homes will stay more or less the same in fiscal year 2012, the average assessed value of condos in Somerville will jump from $314,000 to $320,500, a 2.07 percent increase.
Tax rate increases continue, but are slowing down
The tax rate is jumping from $12.71 per $1000 of assessed value in fiscal year 2011 to $13.10 in fiscal year 2012, a 3.07 percent increase.
That number, 3.07 percent, is getting smaller compared to the past few years. From fiscal year 2008 to fiscal year 2009, the tax rate increased by 6.94 percent. From 2009 to 2010 it increased by 5.04 percent. And from 2010 to 2011, it increased by 3.33 percent.
You can watch Marc Levye's presentation to the Board of Aldermen here (click on "video"), and you can also read his report to the Board by clicking on the PDF attached to this post.