What this means is that most of us have been paying less than we owe during the first half of the year, which is why our bills will go up for the second half of the year.
In Marblehead the tax rate will increase 3% from $10.52 to $10.85. While the increase in Swampscott is a smaller percentage increase at 2%, it is a larger $ increase, from $17.99 to $18.84. Thus the Swampscott rate, which was 71% higher than Marblehead’s in FY12, will be 74% higher in FY13. A good example of the power of compounding.
The new Marblehead assessments and tax bills will be mailed on December 26.
As has been the practice in recent years, the commercial rate in Marblehead will be the same as the residential rate. In Swamspcott the commercial rate will be $35.02, or well over 3 times the rate in Marblehead. Ouch!
In 2013 Marblehead will have the third lowest tax rate of the 17 North Shore cities and towns, while Swampscott will again have the highest.
I have included a table showing the rates for 2012 and 2013 for all 17 communities.
Go to www.OliverReports.com for news and articles about the real estate market in Marblehead.