Marblehead’s Property Tax Rate for 2014

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At its meeting this week the Selectmen approved a tax rate for FY2014 of $11.09, an increase of 2.2% from FY2013’s $10.85. As is customary, the Selectmen set the same rate for commercial premises, stating that it would be “unfriendly to business” to set a higher rate for commercial property.

The tax rate includes the effect of debt exclusions (or overrides as we call them). Here is my estimate of the breakdown between the base levy (which is the 2 1/2% increase over the prior year plus new growth, such as new construction) and the cost of debt exclusions:

Sources: Board of Assessors

Sources: Board of Assessors, Oliver Reports

Bear in mind that the 2014 tax rate is based upon sales which took place in 2012. This year’s sales will be reflected in the 2015 assessments and tax rate. According to the Assessors’ data the median Single Family Home (SFH) assessment increased 1.1% to $481,500 and the average assessment 1.5% to $663,650.

The proposed new tax rate (it has to be approved by the State), will increase the median Single Family tax bill by $175 and the average tax bill by $268.

Individual assessments will be mailed just before the end of the year and I shall publish an interview with Mike Tumulty, the assistant Assessor, in January.

In the current year Marblehead had the 3rd lowest tax rate, behind Nahant and Manchester By The Sea. As Nahant has already announced its rate at $11.03, it seems likely that Marblehead will retain the number 3 position. As soon as all the North Shore communities have had their 2014 rates approved I will also publish a table comparing them.

If you are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 781.631.1223 or andrew@HarborsideRealty.com.

Andrew Oliver is a Realtor with Harborside Realty in Marblehead.