Weymouth residential tax bills to rise an average of $134 in 2023
WEYMOUTH – The town’s residential and commercial tax rates will drop once again in January, but owners will pay more in property taxes because of rising values amid a strong real estate market.
The town council has approved a tax shift that set a rate of $10.46 per $1,000 of assessed value, down from last year’s rate of $11.47. The tax bill for an average single-family home in town will rise by about 2.5% – roughly $134 – because of an increase in property values. The average single-family tax bill will be about $5,487.
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The tax bill for the average condo valued at about $327,000 will go down about 0.5%.
“Weymouth will still have one of the lowest tax bills in the surrounding area,” said Paul Haley, chairman of the board of assessors.
Higher values often cause tax rates to decrease because of Proposition 2½, which caps each year’s increase in the property tax levy to 2.5% of the prior year’s limit. The limit applies to the entire levy, not to individual tax bills.The average single-family home is valued at $524,524, up from $467,013 last year, representing an increase of more than 12%.
For fiscal 2023, assessed values in Massachusetts are based on “full and fair cash value,” or 100% of fair market value as of Jan. 1, 2022.
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Communities with split tax rates, including Weymouth, shift some of the tax burden from homeowners to owners of commercial and industrial property or vice versa each year by taxing the two types of property differently. The use of different tax rates doesn’t change the total property tax levy, but instead determines each tax classification’s share of the total burden.
The council approved a tax shift of 46%, which moves some of the burden away from residential property owners. Commercial properties will pay a rate of $16.50 per $1,000 of assessed value, down from $18.36 last year.
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Reach jtrufant@patriotledger.com.
This article originally appeared on The Patriot Ledger: Rate down, bills up: Weymouth Town Council approves tax rate for 2023
