BEVERLY — The average homeowner's property tax bill will go up $108 and the average business owner's bill will increase $454 under the new tax rates set by the City Council on Monday night.
Councilors unanimously approved the recommendation of city financial officials to raise the residential tax rate to $10.87 per $1,000 and the commercial tax rate to $19.42 per $1,000.
The City Council sets the tax rate every year after hearing from the city assessor and finance director.
Like many communities, Beverly has a split tax rate that charges commercial and industry property owners more than homeowners.
The owner of a median-priced home of $363,750 will pay $3,954 in property taxes in fiscal 2009, according to figures provided by the assessor's office.
None of the nine councilors objected to the new tax rate, and only two residents spoke during the public hearing at City Hall. Peabody Avenue resident Mary Roderick said she is bothered by the fact that the city always raises taxes by the maximum 21âÑ2 percent allowed under the state's Proposition 21âÑ2 law.
"Everyone is suffering, but businesses are really suffering," she said. "Maybe we shouldn't take 21âÑ2 percent every year, especially in a time of economic problems."
Ward 3 Councilor John Burke said some communities held back on the full 21âÑ2 percent increase during better economic times and therefore can raise taxes above that limit now.
"We've always maxed out on the 21âÑ2, and therefore we have no way to tap hidden savings," he said.
The city will raise $70,450,966 from taxes on about 14,000 properties in fiscal 2009, according to Finance Director John Dunn. The fiscal year runs from July 2009 to June 2010.
Property taxes
20082009
Median home value$369,850$363,750
Residential tax rate$10.40$10.87
Annual tax bill$3,846$3,954
Median commercial value$371,300$376,500
Commercial tax rate$18.47$19.42
Annual tax bill$6,858$7,312
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