Tuesday, November 2, 2010
The Board of Aldermen decided to stay with the current tax shift, resulting in a 3.26 percent increase to the average single-family tax bill.
Despite a healthy debate from several board members, the Board of Aldermen last night decided to stay with the tax shift they have used since 2005, resulting in an approximate $270 increase to the average single-family tax bill. (For an explanation of the meaning of "tax shift," click here and scroll down to "the shift.") According to a report issued by the assessor's office, the average commercial property tax bill would increase by roughly $2,070, with the median commercial property bills going up by roughly $675. The shift, which was set at 175 percent, determines how much of the annual tax levy the commercial, personal, industrial and residential property owners are responsible for. With the shift voted in last night, the fiscal 2011 …
Monday, November 1, 2010
Tax rate classification hearing will be held at 7 p.m. in Newton City Hall.
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Sunday, October 31, 2010
An explanation for those looking for more by Proposition 2 1/2, property values and the related taxes.
The tax money collected in the city of Newton to fund municipal services and salaries is paid based on property value, according to the city assessor's office. When calculating taxes for a new year, the city looks at its tax rate as one sum, and starts by considering its prior year's tax rate. In 2010, Newton raised $233,388,825 in property taxes. Prop 2 1/2 Newton, like all cities and towns in Massachusetts, is bound by Proposition 2 ½, a state law passed in 1980 that limits the total amount of taxes municipalities can demand. Prop 2 ½ has two main provisions: Therefore, in Newton, the city can only raise its tax levy on existing property by $5,834,721 in 2011. The law's limits apply even when the city's overall property value …
Alderman likely to adopt maximum increase under Prop 2 1/2; tax hearing will kick off tough budget season
The Board of Aldermen are expected to adopt a tax rate tonight that would, on average, increase taxes by 3.57 percent citywide. According to a preliminary report released by the assessor's office on the city's website, Newton will likely raise taxes to the full 2 1/2 levy limit in 2011 at tonight's classification hearing. This is the maximum allowed under Proposition 2 ½, a law that limits the amount a city can raise its tax levy. At tonight's hearing, aldermen and assessors will determine how to apply that rate to changing property values in the town. Last year, the residential tax rate was $10.41 per thousand dollars of assessed property value, and the commercial tax rate was $19.93 per thousand dollars. The board will likely adopt the …