Board of Selectmen in Burlington voted for an increase in the town’s property tax rates for Fiscal Year 2011. Residential property tax rates will increase to $11.50 from $10.90 for every $1,000 of evaluated market value. For commercial property tax rates, it will increase to $30.80 from $29.70 for every $1,000 of evaluated market value.
Burlington, MA’s assessor Jim Doherty and the Board of Assessors shows a comparative data showing that the town has the 5th lowest residential property tax rates, compared with the surrounding towns including Woburn, Wilmington, Lexington, Billerica, and Bedford.
But commercial property tax rates in Burlington are the highest among the six neighboring towns. Lexington and Woburn offer the lowest in terms of commercial rates.
Based on the Burlington’s home average market value of $374,380, the annual increase in property tax rates is from $4,177 to $128 in Fiscal Year 2010 to about $4,305 in FY 2011.
According to Selectman Dan DiTucci, the town needs to be competitive.
Burlington has higher commercial property tax rates, but offers better value for highway access and amenities compared to its surrounding communities, added DiTucci.
The Board of Assessors provided a historical report and it shows that for the last 37 years, about nine years out of the 37 shows a decline in home market value.
Four of the nine years are during the last four years. The total value for the decline in the residential real estate market is 11.5 percent—from fiscal year 2008 – 2011.
For fiscal year 2011, there would be about 3.9 percent increase for property tax rates.