Selectmen approve lower tax rates for FY 2016

Selectmen on Tuesday agreed with the recommendation of the Board of Assessors and set new tax rates for the coming fiscal year (FY16). The approved tax rate for residential property effective July 1 is $12.82 per $1,000 valuation, and the new rate for commercial property is $26.36 per $1,000. The current rates are $12.87 and $26.53, respectively.

In summary, Karen Zukauskas, director of assessing, said that land values and assessment are going up but the tax rates are coming down. She said the average single-family assessment is $473,171, an increase of 5 percent from last year. The average condominium assessment also increased 5 percent to $227,168.

With the new tax rates, the average single-family tax bill will increase $262 and the average condo tax bill will increase $129.

The total taxable valuation of the town is expected to exceed $4 billion this year. In comparison, it was $170 million after the first town revaluation in 1970, which means the town has grown in value by almost 24 times, according to Zukauskas. The next triennial valuation is scheduled for FY2017.

The largest personal property taxpayer is NStar, which pays $1.456 million annually, and the largest real estate taxpayer is Reebok, which pays $1,072,190.

See this week’s Canton Citizen for more highlights from the December 2 selectmen’s meeting, including a proposal by Dallas-based Topgolf to construct a facility in Canton. Not a subscriber? Click here to order your subscription today.

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Posted by Mike Berger on Dec 4 2014. Filed under News, Town Government. Both comments and pings are currently closed.