Property taxes will increase by about $340 for the owner of the average single-family home in Lexington after selectmen Monday approved this fiscal year’s tax rate.
The board approved increasing the residential tax rate to $15.20 per $1,000 of assessed value. That is up from the $14.97 tax rate for the last year. The assessed value on the average single-family home in Lexington is now $717,526, said Robert Addelson, the town’s finance director.
Addelson said selectmen also raised the tax rate on commercial, industrial and personal properties to $28.97 per $1,000 of value, which is up from $28.45 last year.