Tax Rate Raised to Help Offset Lower Home Values

Despite threats of irate taxpayers armed with pitchforks showing up Wednesday night at Town Hall for the Board of Selectmen's meeting, the town again raised the property tax rates for next year.

Homeowners and businesses will pay the town about 2 percent more next year in property taxes. Homeowners will pay 1.97 percent more, while businesses will pay 2.05 percent more.

On an average valued home, which in Swampscott is $453,328, homeowners will pay $165 more in 2013.

Home values have dropped on average 2.64 percent or about $12,309 in value since last year. So the actual property tax bill may not be much higher than last year, members of the Board of Selectmen said.

The 2013 budget was approved by Town Meeting last May. The selectmen, acting on the recommendation of the Board of Assessors and the Town Administrator Thomas Younger, set the tax rate to meet the budget projections for next year.

Only one person spoke on the tax rate issue and that was to ask how the assessed value for businesses was determined.  

A year ago, selectmen set the 2012 rate at $17.99 per $1,000 property valuation for residential properties, and $33.41 per $1,000 property valuation for commercial properties.

The owner of an average-priced, single-family home saw a $494 increase in taxes in 2012.