City Council Approves Property Tax Rate

- Allison Goldsberry

After a heated discussion Tuesday night, the Medford City Council accepted the City Assessors’ recommendation for property tax rates for 2012. The new residential tax rate is $12.03 while the commercial, industrial and personal property tax rate is $23.72. Last year’s rate was set at $11.61 for residential property and $22.98 for commercial/industrial property.

The rate is determined by the need to fund the city’s budget, which is approved in June, and is affected by property values. It’s conceivable for property values to decrease yet have taxes increase due to a higher rate needed to fund the city’s budget. Despite fluctuations in property values, taxes increase each year to maintain city services. Historically, the average home owner’s property tax increases about $150 per year.

The following information is based upon the average property value in each category. Property tax bills will be larger or smaller depending upon the value of individual properties.

Average Property Tax Bill Increase for 2012
Single Family- $155.78 (compared to $93.70 last year)
2-Family- $178.79 (compared to $121.12 last year)
3-Family- $176.55 (compared to $101.70 last year)
Condo- $136.45 (compared to $109.37 last year)
Commercial Property- $81.53 (compared to $308.49 last year)

Average 2012 Property Tax Bill
Single Family- $4,179.22
2-Family- $4,555.76
3-Family- $5,389.44
Condo- $3,143.44
Commercial Property- $23,312.02

Average Value Single Family Home
2012- $347,400
2011- $346,550
2010- $357,900
2009- $372,500
2008- $400,300
2007- $407,500

Average Value 2-Family Home
2012- $378,700
2011- $377,000
2010- $387,600
2009- $432,800
2008- $490,500
2007- $501,800

Average Value 3-Family Home
2012- $448,000
2011- $449,000
2010- $465,500
2009- $524,100
2008- $553,500
2007- $552,800

Average Value Condo
2012- $261,300
2011- $259,000
2010- $263,900
2009- $278,400
2008- $289,300
2007- $297,100

Average Value Commercial Property
2012- $982,800
2011- $1,010,900
2010- $1,056,800
2009- $1,050,100
2008- $1,083,800

Source: City of Medford Assessor

This entry was posted on Thursday, December 22nd, 2011 at 5:51 am and is filed under City Council, City Hall, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “City Council Approves Property Tax Rate”

  1. mike says:

    How much is Tufts paying in property taxes?????

  2. insidemedford says:

    How much does MIT pay in property taxes?; )

    Tufts pays a Payment in Lieu of Taxes (PILOT) each year. Universities are classified as non-profits and don’t pay traditional property taxes.

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