Property taxes will increase by about $301 for most single family homeowners in Brookline after selectmen set a new tax rate Tuesday.
The board voted to increase the residential tax rate from 10.69 to 10.98, which would increase the property taxes by $301 for a single-family homeowner in Brookline who qualifies for the town’s owner occupancy residential exemption.
Gary McCabe, chief assessor for Brookline, said 87 percent of single family homeowners in Brookline qualify for the exemption.
The median value of a single family home in Brookline is $1,022,400, and owners that do not qualify for the exemption will see a tax increase of $346, McCabe said.
Homeowners who qualify for the residential exemption will see their property taxes increase by $69 a year on a median condominium valued at $423,000, and will see increases of $256 and $251 a year for the median two- and three-family homes, respectively. The median value of two-family homes in Brookline is $1,115,150, and the median three-family home is $1,697,350.
Selectmen also approved an increase on the commercial tax rate from 17.32 to 17.80, which would raise taxes on the median commercial property valued at $1,033,800 by $813 a year.
But the board also wants to begin exploring whether the town should begin offering some sort of tax exemption to small business owners in the town. Selectmen Ken Goldstein will be working with McCabe to form a committee that will explore whether the town should offer a small business exemption.