COMMUNITY ADVOCATE – The Marlborough City Council recently held a tax classification public hearing and approved recommendations from the Board of Assessors, Mayor Arthur G. Vigeant and city finance officials to continue a split rate with a residential property tax rate for single-family homes of $14.07 per $1,000 of assessed value; down slightly from fiscal year (FY) 2018. The rate for commercial, industrial and personal property (CIP) is also down slightly to $24.95 per $1,000 of assessed value.
“This is the lowest residential tax rate in the city since 2011 and the lowest commercial rate since 2009,” said Vigeant.
The average single-family residential property tax bill will increase by $198 over FY2018 due the increase in assessed property values. According to city documents, the average value of residential single-family properties for FY2019 is $374,748 up from an average $346,900 for FY 2018. Though tax rates are down, values are up, resulting in the net increase. Rates directly correlate to the city’s tax levy (the amount of property taxes to be raised each year after looking at the approved city budget minus revenue from municipal fees, state aid and other sources).
At the approved rate, the average residential single-family tax bill is an estimated $5,273. Condominium owners will see an average increase of $120 and commercial property owners an increase of $5,184. The biggest change is seen in the increase in value of multi-family homes. Due to the increase in value in these types of properties, the average tax increase for a two-family home in Marlborough for FY 2019 is up $362 and three-family homes is up $844.
“Our financial health is strong,” said Councilor Michael Ossing, chair of the Council’s Finance Committee. “I feel confident to say that Marlborough will have the lowest average single-family tax bill and tax rate compared to surrounding towns.”
Ossing noted that the average single-family homeowner in Northborough will see a tax increase of $331 in FY 2019, Berlin an increase of $530 and Southborough an average increase of $642.
There was no opposition to the rates during the public comment portion of the hearing.
Molly Brodeur, represented the Marlborough Regional Chamber of Commerce.
“The Chamber is in favor of the proposed rates. It’s great to see how well the city is doing compared to neighboring communities,” Brodeur said.
According to the Board of Assessors office, the state Department of Revenue has approved the city’s proposed rates and property tax bills will be mailed out around the end of the month.
Assessed property values for FY2019 can be found on the city’s website www.marlborough-ma.gov.
This article by Vicki Greene originally appeared here.