Residential Property Taxes Steady After Rising 35% in Five Years
By Kim Siebert MacPhail
While rates are not yet settled for FY13, the town’s Finance Director Victor Garofalo indicated at the Finance Committee’s November 15 meeting that residential taxes may increase by only a nominal amount this year.
“I talked with the Assessors and their books and our books balance and it was mentioned at [the] Fiscal Planning [Committee meeting]… that the tax bills are not going to be anything of a major increase this year,” said Director of Finance Victor Garofalo. “It’ll be somewhere in the neighborhood between 0.5%-1.5%. It’ll be 0.5% on average for residential, maybe a little bit less.
A bar graph compiled by Finance Committee member Rich Bowen distributed at the meeting illustrated that property taxes on a $500,000 home increased from $5,780 in 2007 to $7,788 in 2012, or 35% over five years.