Canton taxpayers to again see lower rates, bigger bills
By Mike BergerContinuing a trend seen over the past few years, town officials voted this week to lower the property tax rates for Fiscal Year 2023, but taxpayers can still expect to see bigger bills due to rising property values.
The new rates were approved by the Select Board Tuesday night on the recommendation of the Board of Assessors, with residential rates set to decrease from $11.35 to $10.57 per $1,000 valuation and commercial rates dropping from $24.18 to $21.56 per $1,000 valuation.
Based on current assessed property values, the average single-family tax bill will see an annual increase of $220 with the new rates reflected in the third quarter tax bills coming out in late December.
Select Board Chair John Connolly emphasized that the tax rate pays for the current town budget and residents who attended the May town meeting ultimately set the financial parameters for local taxation and spending.
Board of Assessors Chair Gene Manning noted that the average single-family assessment rose by a whopping 10.54 percent in the past year to $727,124, while condominium assessments jumped by 8.43 percent with the average assessed value climbing to $392,408.
The value of commercial properties also increased in the past year by an average of nearly 5 percent, although some sectors saw more dramatic gains. “Warehouses, light manufacturing and industrial flex properties have skyrocketed, and the trend continues,” said Manning. “The median increase of 32 percent is consistent with other communities. There are more than ample sales to support the values.”
Given current economic conditions, both Manning and Finance Director Randy Scollins said they could see property values coming down in the coming year.
The good news is that Canton saw almost $1.3 million in new growth — a sizable bump compared to previous years — which bodes well for formulating future town budgets.
All told, Canton’s total taxable valuation is now close to $6.9 billion, having risen by more than $768 million in the past year alone.
Canton’s tax rate, meanwhile, is lower than several surrounding communities, including Randolph ($12.08), Dedham ($12.84), Walpole ($13.90) and Westwood ($14.30). Other nearby communities such as Milton, Norwood and Stoughton have yet to set their new rates.
According to Manning, the largest personal property taxpayer in the town is currently Eversource with an annual tax bill of more than $3.2 million. BAC Canton Holdings is the largest commercial taxpayer ($1.33 million) and Breit MF Blue Hills LLC is the largest residential taxpayer ($676,322).
The next town-wide revaluation is scheduled for FY2026.
Short URL: https://www.thecantoncitizen.com/?p=96495
Posted by Mike Berger
on Dec 2 2022. Filed under News, Town Government.
Both comments and pings are currently closed.
