City of Woburn Unveils Fiscal Year ’24 Tax Rates, Maintains Competitiveness
Woburn, 1/29/2024 -The City of Woburn is pleased to announce the release of the Fiscal Year 2024 tax rates, further solidifying its commitment to economic vitality and affordability. In a strategic move, Woburn continues to boast low tax rates, positioning itself as an attractive and competitive destination for businesses and residents alike. For the Fiscal Year 2024, the Residential Tax Rate stands at $8.06, while the Commercial, Industrial, and Personal Property Tax Rate is $19.72.
Despite the economic challenges faced globally, Woburn’s advantageous position with a relatively lower residential tax rate and a competitive Commercial, Industrial, and Personal Property Tax Rate reinforces its commitment to providing an economically attractive environment for both residents and businesses. Woburn distinguishes itself further as its average residential tax bill increased by a modest $78 in FY 2024, showcasing the city’s commitment to maintaining affordability for its residents in comparison to the larger increases experienced in some neighboring communities. The city’s thoughtful fiscal strategy aims to balance affordability for homeowners while fostering a thriving business landscape.
“Economic competitiveness is crucial for the growth and sustainability of any community,” stated Casey Hagerty, Woburn’s Economic Development Manager. “Woburn’s commitment to keeping tax rates low underscores our dedication to creating an environment where businesses can thrive. This not only benefits our local entrepreneurs, but also attracts new investments, contributing to the overall economic prosperity of Woburn.”
The Fiscal Year 2024 tax rates showcase Woburn’s commitment to responsible fiscal management. The decision to maintain low tax rates is a strategic one aiming to provide businesses and residents with financial incentives they need to flourish within the City.
City Assessor John Connolly commented on the fairness and competitiveness of Woburn’s tax structure, stating, “We are mindful of the impact that tax rates have on our residents and businesses. By keeping our tax rates low, we are not only ensuring fairness, but also strengthening Woburn’s position as a competitive place to live and do business.”
Mayor Concannon endorsed the fiscal strategy stating, “Woburn’s low tax rates underscore our dedication to cultivating an environment that not only fuels economic growth but also elevates the quality of life for our residents. By strategically maintaining lower rates and being mindful of inflation when setting rates, we are positioning Woburn as an increasingly attractive destination for residents and businesses to thrive.”
Woburn’s low tax rates in Fiscal Year 2024 exemplify the City’s dedication to economic competitiveness and affordability. As Woburn continues to grow and prosper, residents and businesses alike can reap the benefits of a strategic and forward thinking fiscal approach.