Newton Homeowners, Businesses Will See Tax Increase in FY '13
Residential tax bills will increase by roughly $280, based on Newton's median home price of $685,900.
Without much debate, the Newton Board of Aldermen last night voted to keep the current tax rate shift, resulting in a relatively small increase for both residential and commercial tax bills in fiscal 2013. With numbers based on the city's median single-family property value of $685,900, the shift will increase single-family tax bills by $280.43, or 3.69 percent, according to Director of Assessment Administration Elizabeth Dromey. Meanwhile, the median commercial tax bills will increase by $324.93, or 2 percent. The estimated tax bill increases are based on median property values due to the number of high-value residential and commercial properties in the city that skew the average property value. For example, the average fiscal 2013 value …
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