December 2 , 2022
At the Tax Classification Hearing on Thursday, December 1, 2022, the City Council voted a Fiscal Year 2023 residential factor of 0.719878. The vote by the City Council was acted upon after assessment and valuation methodologies applied by the City were approved by the MA Department of Revenue through their five-year onsite certification review. Under Massachusetts General Laws, Cities and Towns are allowed to shift up to 175% of the residential tax burden on to commercial, industrial and personal property taxpayer.
The City Council’s vote, to select a residential factor of .719878, shifted 175% of the tax levy from residential properties to commercial, industrial and personal property taxpayers.
The revaluation of all property within the City and the selection of a residential factor of 0.719878 resulted in the following:
FY 2023 Average Single Family Assessed Value: $611,539 (increase of 10.6 %)
FY 2023 Residential Tax Rate: $8.70 per $1,000 of assessed value
FY 2023 (CIP) Commercial / Industrial / Personal Property: $21.14 per $1,000 of assessed value
FY 2023 Average Single-Family Tax Bill: $5,320
FY 2023 Average Single-Family Tax Annual Bill Increase: $160 annual
For more information visit the Assessor’s web page @ https://woburnma.gov/government/assessing-department/
Scott D. Galvin, Mayor