Property taxes for a typical single-family home in Medford are set to rise by $128, after the City Council voted to approve the 2013 fiscal year tax rate during its meeting Tuesday.
The residential tax rate will rise from $12.03 per $1,000 of valued property to $12.36 in FY 2013, which runs July 1, 2012 to June 30, 2013, according to data provided by City Assessor Ed O'Neil. That means a $128.24 increase for the average single-family home in Medford, valued at $348,500.
The overall valuation of residential property in the city rose from $5.58 billion in 2012 to $5.61 billion in 2013, according to the data. The overall valuation of combined personal, commercial, industrial, and personal property rose .54 percent, from $6.12 billon to $6.45 billion. It is the first time the overall valuation has risen since 2008, according to the data.
The commercial and industrial property tax rate also will rise from $23.72 in FY 2012 to $24.39 in FY 2013, an increase of $873 for the average property, valued at $991,600, according to the data.
The council unanimously approved the tax rate. Councilor Breanna Lungo-Koehn, who unsuccessfully sought budget cuts in June in an attempt to keep the tax rate level, said the city needs to address rising rates.
"The taxes are going up each and every year, and people aren't able to afford it," she said.
City Councilor Paul Camuso said cutting the budget would mean losing key city services.
"You're not cutting fat, you're cutting into the muscle of the community," he said.