Tewksbury sets tax rate for fiscal ’22

Rate is shifted slightly more onto businesses

tewksbury » The town will shift a little bit more of its tax burden from residential to commercial properties this fiscal year, after the Select Board approved new tax rates Tuesday.

The tax rate for fiscal 2022 will be $15.20 per $1,000 of value for residential properties and $27.25 per $1,000 of value for commercial, industrial and personal properties.

This reflects a CIP shift of 159%, up from the 156% that was approved in both fiscal 2020 and 2021.

Town Manager Richard Montuori explained at Tuesday’s Select Board meeting that balancing the tax rate with rising property values is essential for determining where the tax burden will fall.

“This board has managed the shift really well as far as looking at a balance between both to make sure we still attract businesses to this community and don’t stop them from coming to the community, and ensuring that the residents aren’t burdened too much,” he said.

He added that he does not like to go all the way up to the statemandated maximum 175% CIP shift, placing as much of the tax levy on business properties as possible, because keeping it lower provides the town some wiggle room when setting the tax rate in coming years.

The new tax rate will lead to a slightly higher tax bill for many residents next year, because property values have increased.

The value of the average single-family home rose by 7.5% from last year. The tax bill for that same average property will be $7,434 in 2021, an increase of $282.

The property values used to set tax rates are based on sales from 2020.

Chief Assessor Joanne Foley said it was possible the town could see value increases for residential properties of 10% or more in the next fiscal year, based on sales in 2021.