The property tax rate in Belmont dropped by two cents on Monday, but that won’t translate into a drop in the tax bill for the owner of an average priced single-family home, because single-family home values in town have risen, according to Assessing Administrator Maryanne Knorr.
The property tax rate was reduced from $13.35 to $13.33 per $1,000 of assessed value, but during the same time period, said Knorr, the value of a single-family home in Belmont rose by 4%. The result is an increase of $400 in the tax bill for an average priced single family home, from $9,959 to $10,359.
An average single family home in Belmont, said Knorr, rose in value from $746,000 to $777,100. The rise in property value was not universal in town, she said – most homes’ values stayed steady, and multifamily homes declined in value.
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