The Massachusetts Department of Revenue has certified the town’s Fiscal Year 2024 tax rate at $15.06 per thousand dollars of assessed valuation.  A listing of new property valuations is available on the Assessors’ page of the town’s website by clicking on the “FY24 Valuation List” button on the left side of the web page.

The town’s total assessed value has grown to $3,732,307,930, which is an increase of 5.7% over Fiscal Year 2023.  Residential values – which make up 87.9% of the town’s total value – grew by 7.7%, while commercial, industrial and personal property values declined by 6.6%.

This fiscal year, the amount of the tax levy (that is, the amount of money coming from property taxes) is $56,208,557.  When you divide that number by the total assessed value, you get the tax rate.

An updated copy of the presentation made by the Board of Assessors and staff to the Select Board at its annual Tax Classification hearing (held on November 13) is available on the Assessors’ page of the town’s website by clicking on the “FY24 Classification Hearing Presentation” button in the “News & Announcements” section on the right side of the web page.

For Fiscal Year 2024, the average, single-family home is valued at $648,998, which is 7% higher than last year’s average.  We calculate that average by dividing the total value of all single-family homes ($2,949,045,995) by the number of single-family homes (4,544) in town.  Your value may be lower or higher.

To calculate the amount of property taxes you owe for the full July1, 2023 to June 30, 2024 fiscal year, multiply your assessed valuation by 0.01506.  Let’s use that average $648,998 home as an example.  When that’s multiplied by 0.01506, you get $9,773.91.  That amount does not include the Community Preservation surcharge.

You can calculate that surcharge by deducting $100,000 from your assessed value, multiplying that result ($548,998) by 0.01506, and then multiplying the second result ($8,267.91) by 0.015 (the 1.5% surcharge) to get $124.02.

To calculate your remaining property tax payments for the fiscal year, subtract the first two quarterly payments you’ve already paid from your full year’s tax bill with the full Community Preservation surcharge added.

Final property tax bills normally are mailed out in late December.

Remember, if you think your assessed value is too high, you can file an application for an abatement with the Assessor’s office.  State law limits the time period to do so between the date your final tax bills are mailed until 4:30 p.m. on February 1, 2024.  Abatement applications must be postmarked by February 1st or e-mail date-stamped by that date and time.

You can access an abatement application by going to this URL: https://www.mass.gov/doc/state-tax-form-128-application-for-abatement-of-real-property-tax-or-personal-property-tax/download.  If you need any help in filling out the application, contact the Assessors’ Office at 508-429-0604 or stop by Town Hall in person.