WILMINGTON, MA — After tonight’s Board of Selectmen meeting, Wilmington residents now have a better understanding of how much property taxes will be increasing.
After a unanimous vote by the Board of Selectmen tonight, the average Wilmington single family tax bill will increase by $210.55, the town’s smallest increase since 2012.
Last fiscal year, the average Wilmington single family tax bill was $6,125.14. This year, the town’s Principal Assessor Karen Rassias reports that number to be $6,335.69. This $210.55 difference represents a 3.7% increase.
Under Massachusetts General Law, each year the Wilmington Board of Selectmen must determine the percentages of the town’s tax levy that will be paid by each class of real and personal property.
As in years past, Selectmen unanimously voted to shift the maximum allowable (175%) to Commercial, Industrial and Personal Property class, leaving the Residential class to feel the least amount of tax burden.
With no shift, residential property tax owners would have had to make up 77.6864% of the tax levy. With the approved shift, residential tax property owners only make up 59.8733%. The remaining 40.1268% of the tax levy will comprise of commercial, industrial and personal property taxpayers.
Assessor Karen Rassias was also quick to point out that the average single family residential property value in Wilmington increased over the past year. In FY17, the average single family home was assessed at $423,885. In FY18, the assessed value has jumped to $439,673.
Also worth nothing, the residential tax rate will actually DECREASE from 14.45 to 14.41 from FY17 to FY18. Taxes are slated to increase, however, due – in large part – to the increase in property values.
Additionally, Rassias believes Wilmington’s average single family tax bill will continue to rank well compared to communities in its geographic area. This year, Wilmington’s tax bill was the 33rd lowest out of its 86 neighboring cities and towns.
“I give past and present boards credit. They’ve always voted the maximum tax shift going to the commercial,” said Selectman Mike McCoy. “Residents get a great bang for their buck. We’re raising taxes at the minimal increase as possible. And we offer great services with no fees. We’re doing the best that we can.”
“I’m totally in favor of the shift,” said Selectman Greg Bendel. ” I’m all for anything we can do to shift the burden away from the residents and give them some relief.”
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