Property taxes will increase by $307 a year for the owner of the average valued single-family home in Lexington after selectmen set the fiscal year 2011 tax rate Monday.
The board approved a residential tax rate of $14.34 per $1,000 of assessed value, said Rob Addelson, the town’s finance director. The residential tax rate had been $13.86.
The rate hike equates to a 3.2 percent increase for Lexington’s average single-family home valued at about $689,000, Addelson said.
Selectmen voted to increase the commercial, industrial and personal property tax rate from $26.21 to $27.23.