Average Single Family Tax Bill to Increase $306
The residential tax rate would increase to $14.15 per $1,000 of property with the adopted tax shift.
Selectmen voted on a new tax classification shift that would represent a $306 increase in the average single-family homeowner’s property tax bill.
On Monday night the board voted to adopt a 1.47 shift between the residential and commercial-industrial-personal (CIP) property tax bases, meaning the CIP assumes a larger burden of the tax base.
While the Department of Revenue still needs to approve the tax shift, residential property owners’ tax rate will increase form $14.12 per $1000 assessed property in 2011 to $14.15 in 2012. With an average single family home value at $550,219, the average single-family homeowner’s property tax bill will increase from $7,480 to $7,786, or a 4.1 percent increase.
The commercial-industrial-personal property tax rate went from $22.47 per $1,000 of assessed property to $22.53.
Residential property values overall went up 3.45 percent from fiscal year 2011 to fiscal year 2012 and commercial property values went down 0.95 percent.