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How Much Are Property Taxes Going Up Next Year?

The Board of Selectmen approved the fiscal year 2014 tax rate on Monday.

Lexington Town Office Building
Lexington Town Office Building
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.

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. 
Dennis O'Donnell December 04, 2013 at 01:25 PM
Does anyone know what comparable neighboring towns are paying per $1000?
Elaine December 05, 2013 at 09:22 PM
Lexington ranks in 2013 at 15.20 as 154th in the state. Watertown 14.40 Arlington, 13.61 Belmont 13.35 Waltham 13.49 Newton 11.49 But, that number doesn't mean much unless you understand what the commercial base is like and what the average home is assessed at since you don't want to overburden commercial enterprises with what should be shouldered by the residential taxes since 80% of the budget is spent on education (and about 80% of the revenue is from residential property taxes). Look at Belmont with almost no commercial base with a lower tax rate and slightly lower avg. value of home. That tells you everything you need to know why the only thing going for Belmont is the school system. Given the number of new constructions and the crazy new values in homes these days, I think they might have pushed the envelope a little on this a little too early but, time will tell.
Dennis O'Donnell December 06, 2013 at 09:25 AM
Thanks Elaine. Good summary.
Richard Hosford (Editor) December 09, 2013 at 11:48 PM
Hi Dennis, thanks for the question and thanks Elaine for your reply as well. I have also posted a separate story with a list of tax rates of neighboring towns and cities. Here is the link if you'd like to check it out: http://lexington.patch.com/groups/politics-and-elections/p/how-does-lexingtons-residential-tax-rate-compare-to-neighboring-communities

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