City Council Approves 2010 Property Tax Rate

Residential, Commercial Property Tax Rates Determined

Story Updated 3:26PM, Wednesday, December 23, 2009

– Allison Goldsberry

City Assessor Ed O’Neil appeared before the Medford City Council at its on Tuesday, December 22 to make his recommendations for residential, commercial, and industrial property tax rates.

Every year O’Neil recommends the lowest residential tax rate possible and the Council adopts that rate, and this year was no different.

Despite selecting the lowest residential tax rate possible, property taxes tend to go up each year-  historically, the average home owner’s property tax increases about $150 per year.

Last year, the average single family tax bill increased by $104.06; the average condominium tax bill by $167.86; the average two-family tax bill by $110.74; the average three-family tax bill by $235.01, and the average commercial property tax bill by $1,081.81.

This year, owners of two and three-family homes will see their property taxes decrease by an average of $106.78 and $171.74, respectively, while other property owners will see an increase.  Single-family home owners will see an average increase of $174.94; condo owners an average of $91.35; and commercial property owners by $1,583.96.

The average tax bill increases are based upon the average property values in Medford.  According to figures provided by O’Neil, the average single family home in Medford is valued a t$357,900; the average condo is $263,900; the average two-family is $387,600; the average three-family is $465,500; and the average commercial property is valued at $1,056,800.

Property values are down from 2009, with the exception of commercial property, which rose in value by about $6,000.

The residential property tax rate has risen from $10.08 to $10.98 and the commercial property tax rate has risen from $20.32 to $21.69.  Medford is one of several communities in the state, mostly larger, urban communities, that have a different property tax rate for residential and commercial properties.

According to a list published on the city assessors’ website, Medford appears to have a lower property tax rate than several neighboring communities.