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Malden | BRIEFS

Rates up, exemption remains

December 18, 2011
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Residential property owners who live in their homes on average will receive a $925.10 tax break this fiscal year. State law allows a community to exempt up to 20 percent of the value of the average residential value of a property that is owner-occupied. The goal is to shift the burden of the residential taxes to owners of large apartment buildings and other properties that are not owner-occupied. The City Council last week set a new residential tax rate of $14.33 per $1,000 valuation, up from $13.58 in fiscal 2011, and $24.84 per $1,000 on commercial/industrial properties, up from $23.68. - Kathy McCabe

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