JANUARY TAX BILL COMING: Wilmington Homeowners To See Lowest Tax Increase In 10+ Years

WILMINGTON, MA – Following a recent vote by the Board of Selectmen, the average single-family tax bill in Wilmington will go up $63.95 – the smallest increase since 2010.

Last Fiscal Year, the tax rate was set at 13.84 and the average single-family home value was $507,014, resulting in an average tax bill of $7,017.07. This Fiscal Year, the tax rate was actually lowed to 13.03, but the average single-family home value rose to $543,440, resulting in an average tax bill of $7,081.02.

In tax policy speak, the Selectmen voted a maximum classification shift of 175%, resulting in a minimal residential factor of 0.758743. This decision was referred to as “the most favorable scenario for the residential taxpayer,” with the residential share of taxes decreasing from 75.6615% to 57.4076% and the commercial, industrial and personal property paying the balance. Selectmen made the decision based on the recommendation of the Town Assessor Karen Rassias and the Board of Assessors, and followed its prior practice.

“No one likes to see their taxes go up, but I was pleased to see we’re down $80 from last year’s increase,” said Selectman Greg Bendel. “The [board] tries to do everything we can shift the burden away from the residents.”

Selectwoman Judy O’Connell, a realtor, stressed that homeowners are seeing an increase in taxes because the valuation of their home is going up. The actual tax rate is decreased from 13.84 to 13.03.

“The real estate market in Wilmington is hot. New construction is at the million-dollar price point,” she added.

Town Manager Jeff Hull explained that the January 1 tax bill will incorporate the new rates. The first 2 bills of the fiscal year (July 1 & October 1) were estimated bills. He also stressed that the average increase is $64, meaning some will see a smaller increase and some will see a larger increase, based on the value of their home.

“It’s a mixed blessing if you’re a homeowner,” acknowledged Hull. “To have the appreciation that’s being reflected here is a good thing. The flip side is the challenge that goes with that – the tax bill is also going to go up by some measure despite the fact that the tax rate is going down.”

According to numbers provided by Rassias, the average Wilmington single-family home is currently $543,400. 10 years ago, that figure was $357,745. 20 years ago, it was $221,297.

In response to a question about whether businesses don’t open in Wilmington due to high commercial taxes, Rassias noted that while taxes might be a little more in town, rent is often a little less. She added the Wilmington has a great location and, unlike some nearby communities, there is room for expansion in many of the town’s industrial areas.

Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s