The City of Boston has announced a property tax rate increase for fiscal 2010 with the residential rate going up by 11.8% and the commercial rate up by 8.4%. The tax rate is one of the two factors that will result in total property tax bills. The second factor is the property's assessed value, which is surveyed every three years. Residents should have received a recent notice of the change in their assessment. Overall, the City's assessed values went down by 3.5% although certain areas have increased. Anecdotal reports show a mix of increases and decreases in the North End/Waterfront area, although several properties on the waterfront saw their assessments go up substantially.
The rate will increase from $10.63 per $1,000 in assessed value to $11.88. The commercial rate for businesses will also increase from $27.11 per $1,000 of assessed value to $29.38.
The City blamed the increase mostly on a decrease in State aid and said the rate is the first increase in three years. The increase will increase the total tax by $65 million to $1.465 billion. Bills will be sent out in a few weeks with a due date of February 1, 2010.
Below is the press release from the City.