Most Property Tax Bills Likely to Drop Slightly

Most Bedford property owners can expect to pay a little less in real estate taxes this fiscal year.

The Select Board Monday approved classifying commercial and industrial values at 175 percent
higher than residential, the final variable for what calculates to be a slight reduction in the tax
rate.

According to the Board of Assessors’ computations, the residential tax rate will be $12.48, and
the commercial and industrial rate will be $28.16. The tax rate is applied per $1,000 of valuation.

Although the tax rates declined by 8.1 and 5.9 percent respectively, the accompanying increases
in valuations will make the amount paid pretty close to last fiscal year.

According to the assessors’ report, the average value of a single-family residence grew from
$774,096 to $837,645 – a 7.6 percent increase. That computes to a Fiscal Year 2023 tax bill of
$10,454, which is $58 less than last year – almost $5 a month. Similarly, for all residences, the
saving is $112 after a 7.6 percent increase in value.

The fiscal year is almost half over, so the new rate will be reflected in bills for the third and
fourth quarters.

The split classification is a standard practice in Bedford, and as a result, according to Assessing
Director Matt Lanefski, commercial, industrial, and personal property will pay some 40 percent
of local taxes.

Tax rates will be final after the assessors’ recapitulation sheet is certified by the state Department
of Revenue.

(See follow-up article Tuesday for details.)