Canton taxpayers to see lower rates, bigger bills
By Mike BergerThe town saw its largest valuation by over a quarter of a billion dollars this past year and its positive impact on the town budget will be felt for years to come. New growth in construction came in at $1,734,748 and the total taxable valuation is over $5 billion this year.
Assessors made the announcement at the Board of Selectmen’s meeting on Tuesday night as selectmen held a classification hearing and agreed on a tax rate reduction for residential and commercial property owners.
Although the residential tax rate will drop by 17 cents to $12.23 per thousand valuation, assessors estimate that the average single-family tax bill will increase by $205 this fiscal year due to the increase in property values. Assessors pegged the average assessment for a single-family residence at $565,192, up 4.5 percent from last year.
The average condominium assessment, meanwhile, rose by 5 percent to $316,766, which will result in an average tax increase of $131 compared to FY19 bills.
For the commercial tax rate, selectmen approved the assessors’ recommendation of $25.42 per thousand — down 35 cents from last year.
Gene Manning, chairman of the Board of Assessors, said commercial assessments rose an average of 12 percent over last year. Manning said this increase reflects a reduction in vacancies and an increase in sales prices for commercial and industrial properties in Canton.
The largest personal property taxpayer in the town is Eversource with a bill of $1,757,655, and the largest real estate taxpayer is Spear Street Capital, owners of the former Reebok headquarters property, which nets the town $1,893,790 in taxes.
Finance Director Jim Murgia said the new growth will increase the town’s tax levy capacity, not this fiscal year but in future years …
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Short URL: https://www.thecantoncitizen.com/?p=62556
Posted by Mike Berger
on Dec 7 2019. Filed under News, Town Government.
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