The Medford City Council approved the implementation of lower municipal property tax percentage rates for the coming 2014 tax year, but since the assessed value of Medford properties has risen in the past year, homeowners and property owners will see an increase in their bills for the coming year.
The Medford City Council at its December 11 meeting voted 5-2 to approve the 2014 property tax rates, with the residential rate at $12.25 per $1,000 of assessed property value, according to reports. Commercial property owners will be taxes at a rate of $24.01 per $1,000 of assessed value.
Both rates represent a decrease from the 2013 rates, which were $12.39 for residential property and $24.39 for commercial owners.
However, according to reports, at that meeting, Medford chairman of the Board of Assessors Edward O’Neil reported that the assessed value of the city’s properties has risen some 5 percent, from an estimated $5.6 billion to $5.9 billion, meaning the average homeowner will pay close to $180 more in property tax in 2014.
- Medford Daily Mercury