City Council to Consider 2011 Property Tax Rate
Story Updated 7:16PM Friday, December 17, 2010
– Allison Goldsberry
The Medford City Council postponed a public hearing on property taxes to its next meeting on Tuesday, December 21.
According to City Clerk Ed Finn, who read a report, the Council is waiting for additional information, including on the PILOT (payment in lieu of taxes) agreements with Tufts University and Harvard Vanguard and on revenue from the high school’s field rentals.
The Board of Assessors, including Chief Assessor Ed O’Neil, will appear before the Medford City Council to make recommendations for residential, commercial, and industrial property tax rates. O’Neil will also recommend an open space discount and residential and small commercial exemptions.
The Council will discuss the 2011 property tax allocation during before its regular 7PM meeting in a Committee of the Whole meeting at 6PM in Room 207 at City Hall. Both meetings are open to the public.
Every year O’Neil usually recommends the lowest residential tax rate possible and the Council adopts that rate.
Despite selecting the lowest residential tax rate possible, property taxes tend to go up each year- historically, the average home owner’s property tax increases about $150 per year.
Last year’s rate was set at $10.98 for residential property and $21.69 for commercial, industrial, and personal property. The 2010 rate was an increase over the 2009 rate. Residential property values fell from 2009 to 2010, while commercial properties increased in value.
Medford is one of several communities in the state, mostly larger, urban communities, that have a different property tax rate for residential and commercial properties.
According to a list published on the city assessors’ website, Medford appears to have a lower property tax rate than several neighboring communities.
The Council meeting will take place at 7:00PM at Medford City Hall. It will be broadcast live on Channel 16 in Medford.
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