Open Houses on January 8
It’s a spectacular post storm day on the North Shore. Here are today’s scheduled Open Houses: (more…)
Marblehead: a great place to do business
Those of us fortunate enough to live in Marblehead are well aware that, in addition to all the other benefits, we live in a town which takes price in its strong fiscal management which keeps taxes low – our tax rate is the fourth lowest of the 34 cities and towns in Essex County.
The commercial tax rate, however, receives less attention, but here again Marblehead has the fourth lowest tax rate. And more importantly, the commercial tax rate is much lower than that in surrounding towns. I have published Wide variations in commercial tax rates but here I want to show a small map of the immediate area:
What this shows is that Marblehead is not only great place to live – it’s also a great pace to do business. (more…)
Commercial property tax rates: wide variations in Essex County
While most of us look at residential tax rates, far fewer are concerned with commercial tax rates. Yet a healthy commercial business environment can contribute significantly to the attractiveness of a town. The map below shows commercial rates in each of Essex County’s 34 cities and towns, followed by a table comparing residential and commercial rates.
Commercial vs Residential rates
This table shows the residential and commercial rates and the percentage by which the commercial rate exceeds the residential one:
There is a bigger variation in commercial rates than in residential rates
The lowest rate for both residential and commercial rates is Nahant’s $10.46, but while the highest residential rate is Amesbury’s $19.95, there are 12 towns with commercial rates over $20, with the highest being $33.59 in Lawrence. 20 towns set the same rate for both residential and commercial, while in 3 towns the commercial rate is more than double the residential one.
Why do some towns have different residential and commercial tax rates?
Cities and towns have the ability to increase the percentage of the total tax bill paid by commercial (and industrial and personal) property owners. The percentage of the value of property classified as commercial varies enormously from town to town. In Marblehead, for example, where residential property is almost 95% of the total, a 50% tax shift to commercial would increase the average commercial tax bill by $3,179 while reducing the average residential tax bill by only $179. Towns with a higher percentage of commercial property are more likely to shift an increased share of the tax bill to commercial owners.
Are you thinking of selling your home? If so please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Marblehead 2016 housing market: new record
In 2016 the median price of a Single Family Home (SFH) increased by $23,500, or 4%, to $620,000, the first time the median price in Marblehead has exceeded $600,000 for a year. As in every year since 2000 except 2010 and 2011, the median price was higher in the second half of the year than in the first half.
Sales were in line with those of the two prior years – 248 vs 245 and 239 – while the number of SFHs for sale on average was much the same as 2015 but down about 25% from 2013 and 2014.
It is important to bear in mind that only around 4% of Marblehead’s more than 6,200 SFHs change hands publicly in any year, but 4% is a reasonable sample, with sales taking place from $300,000 to $4 million.
Median price
The first chart, with the numbers below, shows the median price for the two halves of the year and for the full year. 2016 was the third year in a row where the median price reached $600,000 in the second half of the year, but the first where the full year exceeded $600,000. (more…)
Twenty Questions with the Marblehead Assessor
Tax bills went out Dec. 27. If you’ve ever wondered how those bill break down here is your answer.
The FY2017 (July 1, 2016 – June 30,2017) tax rate has been set at $11.01, down from $11.10 in FY2016. The median single family (SFH) assessment increased 6.1%, or $33,000, to $578,000, and the median single family tax bill increased 5.2%, or $314, to $6,364.
The commercial rate has once again been set at the same level as the residential rate.
Note that the tax rate includes the cost of debt exclusions (mainly for school construction and the transfer station) voted by residents. These account for $1.07 of the 2017 tax rate, up from $0.99 in 2013. Excluding voter approved exclusions, the tax rate fell from $10.11 to $9.94.
Marblehead’s 2017 tax rate will be the third lowest of the 17 North Shore cities and towns and the fourth lowest of 34 Essex County communities. The highest rate in Essex County belongs to Amesbury at $19.95; the lowest Nahant at $10.47; and the median is $14.41. Swampscott’s residential rate is $17.45 and it commercial rate $32.20.
Approximately 70% of Marblehead’s revenue comes from property taxes.
Real-estate assessments for Fiscal Year 2017 were mailed at the end of last year. Assessor Mike Tumulty answered questions about the process.
1. What is the timeframe upon which assessments are based?
MT. For FY2017, assessments are based upon values as of January 2016, using sales data for calendar year 2015. Sales that took place in calendar year 2016, therefore, will be the basis for the assessment for FY 2018.
2. What percentage of properties sells each year? (more…)
Happy New Year
To buyers: may 2017 produce your dream home that you buy with no issues discovered on inspection
To sellers: may 2017 produce your dream all cash no inspection buyer
And may you and your family enjoy good health.
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