Property taxes in Needham will increase by about $340 for the average single family home after the Board of Selectmen voted unanimously Monday night to raise the tax rate.
The Board voted to increase the residential property tax rate from $10.95 to $11.30. The average single family home in Needham is valued at $744,764, according to Needham Administrative Assessor Chip Davis.
The Board also voted to increase the commercial tax rate from $21.52 to $22.19, which would raise taxes on a commercial property valued at $1.2 million by $816 per year, according to Davis. The town does not calculate an “average” commercial building value, he said, because of the wide range of commercial property values in Needham.
Needham has continued to buck the trends of the economic downturn, according to documents from the assessing office. Median residential sales prices have risen slightly, according to documents, and commercial and industrial values have been stable.
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