Despite Lower Rates, Property Taxes to Increase in 2014

The Medford City Council recently approved new property tax rates for 2014.

Even though the residential and commercial property tax rates are lower than 2013, the average tax bill will increase due to higher property values. The new residential rate is $12.25 while the commercial rate is $24.01.

The rate is determined by the need to fund the city’s $144,466,771 budget, which was approved in June, and is affected by property values. In Medford, like many cities, residential and commercial properties are taxed at different rates, with commercial property owners paying a higher rate.

It’s also possible 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 2014
Single Family- $179.72 (compared to $128.24 last year)
2-Family- $263.01 (compared to $165.76 last year)
3-Family- $290.86 (compared to $193.57 last year)
Condo- $124.49 (compared to $73.87 last year)
Commercial Property- $533.17 (compared to $883.11 last year)

Average 2014 Property Tax Bill
Single Family- $4,487.18
2-Family- $4,984.53
3-Family- $5,873.88
Condo- $3,341.80
Commercial Property- $24,718.30

Average Value Single Family Home
2014- $366.300
2013- $348,500
2012- $347,400
2011- $346,550
2010- $357,900
2009- $372,500
2008- $400,300
2007- $407,500

Average Value 2-Family Home
2014- $406,900
2013- $382,000
2012- $378,700
2011- $377,000
2010- $387,600
2009- $432,800
2008- $490,500
2007- $501,800

Average Value 3-Family Home
2014- $479,500
2013- $451,700
2012- $448,000
2011- $449,000
2010- $465,500
2009- $524,100
2008- $553,500
2007- $552,800

Average Value Condo
2014- $272,800
2013- $263,100
2012- $261,300
2011- $259,000
2010- $263,900
2009- $278,400
2008- $289,300
2007- $297,100

Average Value Commercial Property
2014- $1,029,500
2013- $991,600
2012- $982,800
2011- $1,010,900
2010- $1,056,800
2009- $1,050,100
2008- $1,083,800

Source: City of Medford Assessor