BEVERLY — The owner of a median-priced home in the city will pay $114.85 more in property taxes under the tax rate approved by the City Council on Monday night, according to city officials.
Agreeing with the recommendation of the mayor and city assessor, the council unanimously agreed to set a tax rate of $13.65 for residential property and $24.87 for commercial and industrial property for 2013.
That means the owner of a median-price home, which is $327,200, will pay $4,466 in property taxes next year, a 2.64 percent increase.
The council agreed with the recommendation that the tax burden for residents be shifted to commercial and industrial owners by a factor of 1.63, the same as the last two years.
“It keeps us consistent,” Finance Director John Dunn told councilors.
The owner of a median-price commercial property, which is $325,000, will pay $8,095 in property taxes, an increase of $268, or 3.42 percent.