Property taxes decline for homes and businesses in 2014
The average Boston family can expect to pay about $63 less in property taxes next year, city officials announced Wednesday.
According to the Boston Assessors Department, the city’s tax rates for Fiscal 2014 for residential property is $12.58 per thousand dollars of valuation — this year it was $13.14 — and the rate for business properties is $31.18 per thousand, compared to $31.96 in 2013.
The city’s total assessed value for fiscal 2014 is $99.8 billion, an increase of 8.3 percent from last year.
The total tax levy is $1.779 billion, an increase of $95.2 million over last year. Of the levy growth, $53.1 million is the result of new construction and properties being added to the tax base. The remaining $42.1 million is the 2.5 percent increase allowed under the provision of Proposition 2 1/2.
In a press release issued Wednesday, city officials described the real estate market in Boston as “healthy, with many neighborhoods exhibiting signs of appreciation over the prior year.”
As a result, officials said, many homeowners will see changes in their assessments to reflect the improving market. However, the impact of the Proposition 2 ½ limits on the tax levy and the state tax rate classification formula will reduce the residential tax rate. As a result, the average single family property tax bill will decrease slightly, from $3,480 last year to $3,417, a reduction of $63.