Understanding Westwood's Residential/Commercial Tax Shift for FY13
Last night the Board of Selectmen held the yearly public hearing on Westwood's split tax rate for commercial and residential properties. Not much has changed for FY13 from FY12.
Please note that some corrections were made to this story on Tuesday, October 23, 2012, at about 10:45 a.m. Originally, the $14.89 tax rate was listed as a percentage. It is not. Also, Patch originally reported that the average home in Westwood valued at approximately $530,000 would see a tax increase of $874 this year. That is incorrect. The correct amount is in fact $218.
The property values in Westwood have mostly stayed right where they were last year. In fact, 80% of homes have not changed in value from last year.
"There really hasn't been a change," Westwood Finance Director Pam Dukeman said. "It's been a very quiet year."
Because it can be very difficult to understand tax shifts, Dukeman and Town Administrator Michael Jaillet spoke to Patch yesterday afternoon to help clarify things for Westwood residents and business owners.
The shift factor for FY13 will be 1.65. The commercial and residential tax rate will go up the same. Residential properties will now pay a tax rate of $14.89, which will mean there will be a yearly tax increase of $218 on a house valued at $532,345.
The tax rates aren't approved yet by the state, but the Board of Selectmen expects them to be approved within the next couple of weeks. People have already received a bill with this new amount on it, and the next bill will be on January 1.
For more information on this, please take a look at the attached document.
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