Marblehead’s 2016 property tax rate
The Board of Selectmen has approved a FY2016 rate of $11.10, up 2 cts from FY 2015. The average SFH tax bill will increase 4% to $7,973 based upon an average assessment of $718,342.
Note that the median SFH assessment for FY16, based on 2014 sales, is $545,000, (up 5.6% from 2015, which was based on 2013 sales.) This compares with a median SFH sales price in 2014 of $590,000. Only a small percentage of houses sell each year but this is quite a large difference and suggests that the median assessment will increase quite sharply next year.
This is the calculation for FY16:
Last February in How your property taxes are calculated I forecast a FY 2016 tax rate of $10.65, so why was I so far out?
Based upon the 10% increase in the median price of SFHs sold in 2014 (the year which is the basis for the FY2016 tax rate) I estimated an overall increase of 8% in Assessed Values. In reality, the increase used by the Assessor was 3.7%. The Assessor, of course, uses data for all the SFHs in Marblehead, not just the 3-4% which sell each year.
The next table shows what the tax rate would have been at different levels of increases in assessed values:
Note that the cost of debt exclusions continues to rise. Debt exclusions are included in the announced property tax rate:
The property tax rate will become official when it is approved by the Department of Revenue.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, feel free to contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com. (more…)
Winter house prep checklist
It has been a glorious summer and fall – the best in my 23 years here – but….suddenly winter is upon us, with the temperature forecast to drop well below freezing tonight.
The Boston Globe has published a timely winter house prep checklist. (more…)
Solar panels: are they right for you?
Have you wondered about installing solar panels? Are solar panels right for you? Are you confused about the proclaimed benefits?
I am and so I found this Boston Globe article Are solar panels worth it? very helpful.
The main points I took away from the article were:
– the appearance of solar panels on the roof may not appeal to everybody or be appropriate on all styles of property, although some experts claim solar panels increase a property’s value
– the life span of solar panels is 20-30 years and the roof needs to be in good condition for the installation. It is not clear to me what happens to the panels when a roof ages or needs later replacement
– leased panels can complicate the sale of the property
– much of the projected financial benefit comes from tax credits, which are currently set to expire at the end of 2016, and assumptions about future electricity price increases. (more…)
How to keep your home cool without A/C
Most towns in New England contain houses built in the 18th and 19th Centuries. While these houses have great character and charm, they were built long before the days of air-conditioning.
Here are some tips for keeping cool in such houses during the summer. The simplest are: keeping blinds down and windows mostly closed during the day to keep the hot air out, and opening windows at night to let the cool air in. (more…)
How to fix winter damage to your house
Two great articles this week in the Boston Globe’s Address section deal with a range of issues: sagging ceilings, flaking plaster, ice dam leaks, stains, mold and more.
Source: Boston Globe
How to fix wet walls, mold and other damage caused by winter
How do I know if I have an ice dam?
In recent weeks we have all learned to toss the phrase “ice dam” into our conversation with friends and neighbors, but what exactly is an ice dam, how do we tell if we have one, and what should be do about them?
Here’s an Ice dam guide from today’s Boston Globe.
The most popular tip may be number 7. (more…)
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