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Property tax increase for Danvers residents

Posted by Kaileigh Higgins  December 20, 2010 10:00 AM

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The state Department of Revenue recently approved the town’s fiscal 2011 tax rates. With the approval, the town is now finalizing the third quarter property tax bills, which will be mailed on Dec. 30.  

Those bills, which are due Feb. 1, are based on the newly approved rates. The first two bills for the first two quarters were based on the fiscal 2010 rates. The approved fiscal 2011 residential rate is $13.40 per $1,000 valuation, and the commercial rate, $18.67 per $1,000. The residential tax rate for fiscal 2010 was $12.22 per $1,000 valuation, and the commercial rate, $17.92 per $1,000.  

Under the new rate, the owner of an average single family home valued at $349,900 would pay a property tax bill of $4,688.66 in fiscal 2011, which is $112.27 or 2.45 percent more than the $4,576.39 that an owner of an average home valued at $374,500 paid in fiscal 2010.

The town had set the tax rates, subject to state approval, after selectmen at their annual tax classification hearing decided to maintain the town’s policy of having separate tax rates for residents and businesses, and established how much of the residential tax burden to shift on to businesses.

Under the shift adopted, businesses will pay 26 percent more in taxes than they would if there were a single tax rate. In fiscal 2010, businesses paid about 31 percent more than they would have with a single rate. – John Laidler

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