Property taxes for a typical single-family home in Medford are set to rise by $128 this year after the City Council voted unanimously to approve the 2013 fiscal year tax rate in a meeting last month. The residential tax rate will rise from $12.03 per $1,000 of valued property to $12.36 in fiscal year 2013, which runs July 1, 2012, to June 30, 2013, according to data provided by city assessor Ed O’Neil. That means a $128.24 increase for the owner of an average single-family home in Medford, valued at $348,500. The overall valuation of residential property in the city rose from $5.58 billion in 2012 to $5.61 billion in 2013, according to the data. The overall valuation of combined personal, commercial, industrial, and personal property rose .54 percent, from $6.12 billon to $6.45 billion. It is the first time the overall valuation has risen since 2008, according to the data.
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