BEVERLY – Taxes won’t be going down in Beverly next year, but the good news is they’ll be going up less than usual.
The City Council on Monday night voted to set a tax rate that will increase the average single-family home tax bill by 2.95% for fiscal year 2020. Taxes increased by about 4 percent in each of the last two years, Board of Assessors Chairman Peter Caron told councilors.
“The average increase is lower than last year,” Caron said.
The average single-family home in Beverly is assessed at $542,500. Under the new tax rate, the average single-family tax bill will be $6,960, an increase of $199, according to information provided to the council by its budget analyst, Gerard Perry.
The new estimated residential tax rate will be $12.83 per thousand, while the commercial/industrial/personal property tax rate will be $24.73 per thousand.
Caron attributed the smaller increase this year to a new appraisal by the city that determined a higher value for all of the infrastructure in Beverly owned by utility companies such as National Grid and New England Power. That means those companies will pay more in taxes, lessening the burden on residents and business owners.
Caron also said the new growth on Rantoul Street, where several new apartment buildings have been constructed, has also expanded the city’s tax base.
No members of the public spoke at the public hearing on the tax rate held at City Hall.
Staff writer Paul Leighton can be reached at 978-338-2675 or firstname.lastname@example.org.