Politics & Government
How Much Are Property Taxes Going Up Next Year?
The Board of Selectmen approved the fiscal year 2014 tax rate on Monday.
The homeowner of the average Lexington single-family home will pay another $574 in property taxes next year based on the tax rate approved by the Lexington Board of Selectmen on Monday.
Selectmen approved a new residential tax rate of 15.51 per $1,000 of assessed value for FY14, which is slightly higher than the 15.20 per $1,000 in FY13.
Taking into account the average single-family home value of 740,204, the average residential tax bill would be $11,480.56 next year. The current year’s tax bill on the average single-family home is $10,906.40.
So, it would be about an increase of $574 on the average single-family home’s tax bill in the coming fiscal year.
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Exemption votes
The Board of Selectmen also voted not to adopt either a Residential Exemption or a Small Commercial Exemption.
It was explained by members of the Board of Assessors that the residential exemption would be harmful to rental property owners. The town has not traditionally adopted either of the exemptions.
The Board of Selectmen also voted not to adopt either a Residential Exemption or a Small Commercial Exemption.
It was explained by members of the Board of Assessors that the residential exemption would be harmful to rental property owners. The town has not traditionally adopted either of the exemptions.
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