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Saturday, November 18, 2006

The ups and downs of property taxes


If the city's tax rate is declining, how come property taxes are going up?

Because the average home in Newton is more expensive, that's why, city officials say.

The residential tax rate for fiscal year 2007, set at a hearing last week, is $9.33 per thousand dollars of value. The rate was $9.36 last year. The bad news is that the median value of a single-family home, which was a mere $684,750 in fiscal year 2006 is now $711,500, City Assessor Elizabeth Dromey.

The bottome line? The tax bill on the median home will increase from $6,409.26 to $6,638.30.

The rate still has to go to the state Department of Revenue for final approval, which should come this week, Dromey said.

-- Connie Paige

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